1 August 2018 20.9%, missing our estimate of 21.9%. Operating margin was impacted by INR120m forex loss, adjusting for which operating margin was healthy at Performance beat was driven by better-than-expected performance from the overseas and exports business segment. supported by all segments except the institutional segment (14% of sales; +2% YoY). Sales from CIL registered 26% YoY growth, supported by increase in production of coal, infrastructure segment contributed 33% YoY growth, and overseas segment registered 32.5% YoY growth. Explosives segment (bulk + cartridge) registered revenue growth of 17% YoY, supported by volume growth of 8.7%. During the quarter realization improved by 7.5% on YoY basis. business was INR280m (v/s INR4.5m in 1QFY18), driven by pickup in execution of orders in hand. SOIL expects revenue contribution to reach INR2b in FY19 as compared to INR378m in FY18. Defense order backlog stands at INR2.