Demerger of agribusiness (leading to Rs1-1.25 bn lower yoy revenue) and cessation of Excise Duty benefit at Haridwar plant (having ~100 bps impact on EBIDTA margin) dragged M&M;'s performance in 2QFY17. However, one time revenue worth Rs1bn due to Incentive Promotion Scheme (IPS) has arrested the fall. Lower inventory in tractor segment may be a...