Bata reported decent revenue growth of 8.7% YoY to | 591.4 crore, marginally below our estimate of | 615.9 crore. Q4FY17 witnessed the commencement of a new range in men & ladies' contemporary collection along with new range targeted towards youth On account of extension of the end of season sales period (EOSS), gross margins declined 220 bps YoY to 54.1% vs. estimated 53.5% while EBITDA margins contracted 76 bps YoY to 9.6% (I-direct estimate: 10.8%). The decline in EBITDA margins was stemmed by...