Flattish Sales Compensated by Higher Operating Efficiency: Q2FY17 sales stood at Rs. 3666 Mn, 3.5% higher in QoQ and 0.3% decrease in YoY basis. Usually the second quarter records highest sales and mostly exceedsthe previous years numbers as observed in the last four years; however, it is not the same now due to weak rural demand. The Battery segment is facing turbulence due to increase in Chinese dumping and has de-grown by ~ 2% during this quarter.Nevertheless, the sales were in-line with our estimates with a mere 1% deviation while LED sales recorded a turnover of Rs. 505Mn as compared to Rs. 263 Mn inQ2FY16.