For Q2FY19, LT Foods Ltd (LTFLs) revenue grew 8.8% YoY largely driven by pick up in organic business (up 18%). In Q2FY19, branded business saw a muted growth of 5% YoY which was largely impacted by decline in bulk branded business (25kg pack) in domestic market. However, organic business which had a muted Q1FY19 picked up again and grew 18% supporting the overall growth of the company. 1) India branded business lost the momentum temporarily and grew 5% for Q2FY19; 2) European business is expected to do a turnover of INR1.5bn in H2FY19 and is expected to break-even by the end of FY19. Management expects European business to turn profitable from FY20 onwards; 3) Branded business contribution to the overall revenue stands at 69%; 4) In Q2FY19, company secured an equity funding of INR1,400mn from Rabobanks India India Agri Business Fund II in its wholly owned subsidiary Nature Bio Foods Ltd. We have revised our earnings estimates downwards by 4.