Rupa reported a mixed set of Q2FY18 numbers wherein revenues were below our estimates while PAT was in line with our estimates Revenues for the quarter fell 7.3% YoY to | 248.2 (I-direct estimate: | 278.4 crore). Various traders and multi brand outlets (MBOs) were impacted in July, August as dealers were still familiarising themselves with the compliance needed to switch to the GST regime Despite a decline in revenue, operating margins for the quarter expanded 130 bps YoY to 15.4% (I-direct estimate: 12.0%). The beat...