1 August 2018 CSTRLs 2QCY18 revenue grew 17% YoY (and 10% QoQ) to INR10.2b, beating our estimate of INR9.4b, led by (a) higher volumes at 57m liters (+12% YoY, realization despite price hikes can be attributed to shift in product mix. Reported EBITDA of INR2.5b (+20% YoY, -8% QoQ) was in line with our estimate despite beat on revenues, led by higher than expected raw material margin was 24.7% in 2QCY18 (24.1% in 2QCY17; 29.6% in 1QCY18). PAT grew 19% YoY (-10% QoQ) to INR1.6b against our estimate of INR1.7b, YoY, -24% QoQ), and (b) higher tax rate of 36%. CSTRLs total volumes grew 12% YoY, led by double-digit volume growth in the PCMO segment (~41% volume share) and CVO segment (~46% volume share). CVO segment volume grew higher than PCMO segment; the growth was on account of pickup in economic activity.