Consol. segmental performance: (a) Reported Jewelry sales stood flat YoY at INR36.5b (volume down 14% YoY, SSSG up 2% YoY), with the EBIT margin flat YoY at 10.4%. (b) Sales of Watches grew 6.1% YoY (volumes down 1% YoY) to INR7.2b, with the EBIT margin down 200bp YoY to 14.4%. Concall highlights: (1) Jewelry sales growth guided at 11-13% YoY for 2HFY20. (revised down from +20% previously). (2) INR1.2b impact on sales of hedging losses in 2Q would not be reversed but the incremental impact will be much...