Triveni Turbines (TRIV) 4QFY17 revenue declined 14.6% YoY, owing to lower exports (-21.6% YoY), led by rescheduling of dispatches at the last minute. Increase in employee and operating costs led to ~460bps decline in EBITDA margins to 21.0%. Driven by higher other income (Rs 101mn, 610% YoY), APAT stood at Rs 272mn (-20.6% YoY).