ICICI Securities Ltd | Retail Equity Research Shaily recorded a Q2FY19 tepid performance with volume growth of mere 2% YoY. We believe the sales growth of ~10% YoY was largely driven by price hike and a change in product mix. According to the management, while the power issue has been resolved in Q2FY19 (which impacted Q1FY19 performance) the labour issue remained intact during Q2FY19. Lower plant utilisation coupled with a delay in passing on higher raw material prices led to a decline in EBITDA margin by ~118 bps YoY to...