Revenues at peak: Even in a demonetization scenario, the domestic revenues were up 16% YoY/11% QoQ at Rs.9.7bn. Given the front loaded push by Govt., KKC continues to guide for 10-12%. Lower kVA products were dented by demonetization. Exports, however, grew 23% YoY at Rs4.4 bn. Soaring crude oil prices and commodities in general should augur well for K and Q series, we believe. Yet KKC downplays that prospect in near to medium term. Critical geographies are yet to deliver a decisive trend. Steady gross margins: As we have always pointed, gauging the product mix trend is difficult. And going by Q2FY17 commentary, the downtrend of margins, as company pointed out, has...