New launches, addition of new dealers and a lower base resulted in strong volume growth of 28% YoY in the piping segment during Q2FY18. However, backward integration of raw materials resulted in lower realisation (fell ~11% YoY) as the company passed on the benefits to customers. On the other hand, the adhesive category posted a strong performance, led by domestic business growth of ~35% YoY owing to a lower base. The management has guided a strong recovery in the domestic business post implementation of...