Berger's Q2FY19 revenues came in line with our estimate but EBITDA and APAT came below. The company posted better performance compared to APL on key counts domestic sales growth ~16% and better volume growth (~15% vs 9%). We believe that the demand in the system is continuously improving and should sustain with better urban and rural demand. As feel good' factor remains with better economic conditions, mainly in the rural markets, improved macros and better monsoon would result in pent-up demand. Being the second largest player in the domestic...