Grasim Industries reported a strong 2QFY17, with parent EBITDA margins at 21.3% (467bps YoY, FLAT QoQ). VSF continued to deliver, with EBITDA/kg at ~Rs30 (64.5% YoY, 14.6% QoQ). This was driven by both better pricing (Rs 153/kg, 11.6% YoY and 2.6% QoQ) and volumes (124 kT, 9.0% YoY, 2.5% QoQ).