Relaxo's Q2FY19 revenues jumped 18.6% YoY to ` 5.5bn came in line with our estimates. This is attributed to good volume growth during the quarter. Relaxo continues to witness better growth compared to Bata (+15%). We anticipated higher revenues for Relaxo compared to Bata based on our recent channel checks. The addition of new stores, increased online sales and premiumization was in line with our estimates. Going ahead, we believe that the company would continue to increase its distribution reach in southern and western markets. Further, premiumization would help it...