Manpasand Beverages reported Q2FY18 sales growth below our estimates. Net sales increased by 22.8%, however, Net profit was up by 65.6% on yoy basis. It is on track to doubling its capacity in the next 12-15 months. A new plant in Vadodara is expected to become operational in December 2017, while other two plants in Varanasi and Sri City are expected to become operational in FY19E. It is also adding line to its existing plants to meet the demand during peak period.