Voltas (VOLT) 4QFY17 result was a beat on all counts, with strong UCP revenue growth at ~28% and EMPS margins at 5.7% ( 250bps YoY). While EBITDA grew 23% YoY (Rs 2.2bn), a lower tax rate (tax refunds of earlier year) led to an APAT growth of 50% YoY to Rs 2.0bn.