Volume Pick-up and Easing Cost Pressures to Aid Growth: Greaves consolidated revenue (net) remained flat at 1.1% at Rs.16,344mnnevertheless consolidated EBITDA dropped by 9.0% to Rs.2,434mn whichare however higher by 2.4% and 1.6% respectively than our full year FY17 estimates. In terms of volumes, for FY17 for 3 Wheelers engines reached to 270k, 4 Wheelers-30k, Power Gen-32k, Power Tillers-3.8k and Pumps-90k. Despitevolume growth in other segments, drop in auto volumes was majorly due to demonetisation during the peak season and switch from BS3 to BS4 standards which came in with higher realisation aided flat revenues for FY17.