Khadim's Q2FY19 revenues beat our estimates, but EBITDA and APAT came below our estimate. The revenue growth in retail business was at 7% below the company's target of 10-14% primarily due to (1) decline in footfalls (25-30% decline in H1FY19) (2) de-growth in SSSG at 2% and (3) delay in price hikes. The distribution business posted 32% sales growth but GM were impacted due to significant delay in price pass on. The company gained institutional contract from UP government worth ` 350mn which helped the top-line to grow. Going ahead, we believe that the company would regain its lost momentum with (1) Penetration into new geographies...