Long term story intact despite near-term hiccups Gross revenues grew 1% YoY (up 15% QoQ) to | 7137.3 crore (I-direct estimate: | 6780 crore). Higher excise duty (68% vs. 65% in Q2FY17) continued to impact net revenues that de-grew 8% YoY (up 16% QoQ) to | 2263.3 crore (I-direct estimate: | 2171 crore). Excluding one-off impact on back of operational model changes, net sales de-grew 2% Total volumes for quarter were in line with our estimates with 14% YoY de-growth (up 17% QoQ) to 21.1 million (mn) cases. Volumes for...