Accordingly, adj. PAT fell 42.8% YoY to INR359m (est. of INR517m). Easing cotton prices a silver lining amid policy headwinds: 2QFY18 witnessed increased pressure on margins on account of a rise in raw material cost by 260bp. Also, the GoI revised the duty drawback rate from 7.5% to 2%, and the ROSL rate from 3.9% to 1.55%, which is expected to result in margin erosion of ~250bp. However, cotton prices have started to correct (-10% to INR38,000 per candy) compared to last procurement by the company, the benefit of which is expected to be visible from 4QFY17....