Slowdown in sales growth (6%) last quarter left investors uncertain about the pickup in demand from overseas markets, particularly US. Not only sales growth slid to lowest in last few quarters, but operating margins were also lower - 19.8% Vs 20.7% in the same quarter a year ago, resulting in cut in our estimates- 4.1% for FY17. Steady rise in cotton prices in last few months explains the shrinkage in material margins 46.5% Vs 50.1% in Q1FY16 and 47.4% in Q4FY16. Despite the growing revenue share of home textiles division and increasing value added products (read: institutional bedding, fashion bedding and utility...