Simplex Q2FY16 performance was in-line with our estimates. Net sales grew by 11% YoY to Rs13.9 bn (vs. our estimate of Rs 13.4 bn). EBITDA margin remained flattish YoY to 10.6% (largely in-line with our expectation of 10.8%). EBITDA at Rs 1.47bn (+7% YoY) and net profit of Rs 136 mn (+6% YoY) were also in-line with our estimates of Rs 1.46bn and Rs 135mn respectively.