Riding on the back of distribution network expansion Revenue in-line; EBITDA misses, but PAT beats estimates: Overall revenue rose 22.8% YoY to INR1,258m (est. of INR1,281m) in 2QFY18. EBITDA margin shrunk 460bp YoY to 17.1% (est. of 20.9%) on account of a significant increase of 480bp in other expenses to 16.5% of net sales (est. of 11.9%). EBITDA declined 3% YoY to INR215m (est. of INR268m). Accordingly, adj. PAT grew 65.3% YoY to INR89m (est. of INR62m) in 2QFY18, led by higher-thanexpected other income (INR64m v/s est. of INR21m). Commencement of distribution via Parle network: 2QFY18 witnessed...