GDPL reported EBITDA (Rail + CFS) of INR523m (est. of INR569m; -8% YoY, -11% QoQ). PAT (before associate/minority interests) of INR223m (-6% YoY, -13% QoQ) was above our estimate of INR209m due to lower interest cost at INR61m (est. of INR81m; +61% YoY, +21% QoQ) and a lower tax rate. Management has started accounting for Blackstone's 49% stake in Gateway Rail from FY17 (FY16 numbers are restated for Blackstone's stake)....