excise. Exceptional item of INR80m was on account of VRS to employees. Consequently, adj. PAT fell 26.8% YoY to INR779m (est. of INR921m). Stage set for robust H2: Raw material prices declined 520bp QoQ on a comparable basis (post excise net-off) in 2QFY18, after increasing by 260bp QoQ in 1QFY18. Exports also suffered in H1 on account of an appreciating INR, foreign currency unavailability in Egypt, and political unrest in countries like Kenya and Indonesia. However, with raw material prices and currency gaining stability and restocking picking up pace from the month of...