Q1FY17 Results: Revenues grew 12% (vol. growth of 2% due to production disruptions), with impressive realization growth of 10% YoY (2% QoQ). Domestic/Export volumes were at 5%/(27%) respectively. Pricing was driven by a favourable mix - higher share of UVs such as Brezza and S-Cross) and a 25% rise in export prices (currency movements). Rising commodity prices and Yen appreciation resulted in gross margins contracting 188bps/45bps QoQ/YoY. This along with higher royalty outgo impacted margins (fell 136bps to 14.8%). Royalty rose 33% to Rs9.6bn, as amounts were translated at a rate of 0.65 JPY/INR, as compared to the average quarterly market rate of ~0.62. Profitability was boosted by other income (doubled to Rs4.8bn ) and depreciation method change (saved Rs833 mn) with reported PAT up 21% (Adjusted PAT rose 16% to...