Carborundum Universals (CUMIs) 4QFY17 revenues ( 11% YoY) were below our estimates led by the Electro minerals (EM) segment ( 7% YoY rev growth and -406bps YoY EBIT margins). The EM segment was impacted by (1) Increase in alumina and pet coke prices (2) High power costs and (3) RUB appreciation. Abrasive/Ceramic segments stood strong, with 11/19% YoY revenue growth and 56/122bps margin expansion to 10.6/15.8%.