Weak Quarter Due to Seasonality, Still Maintains Growth: SML posted revenue of Rs. 3046Mn in Q2FY17 down by 34.2% QoQ and up by13.3 % YoY driven by volume movement of (30.0%) QoQ/12.7% YoY and realization de-growth of 6.1% QoQ and +0.6% YoY. EBITDA margins declined by 730bps QoQ to 5.2% during Q2FY17 from 12.5% during Q1FY17 impacted by revenues andfixed costs effect, while raw material costs remained flattish as compared to the previous quarter.