Thermax reported strong beat across all key parameters in Q4FY17. Revenues were higher than estimates on better execution while the EBITDA margin was driven by the former and lower input costs. However, one offs marred profitability Revenues came in at | 1342.8 crore, down 3.8% (I-direct estimate: | 1156.8 crore). For FY17, revenues fell 13.1% YoY to | 3973 crore vs. | 4573 crore in FY16. Order backlog was at | 3618 crore, lower than FY16 backlog of | 3747 crore. Energy segment revenues were at...