Vikas Ecotech Ltd., (VEL) posted 4QFY17 result with a revenue growth of ~6.5% / ~21.9% YoY / QoQ, respectively, to Rs. 1,033mn led by normalization of demonetization effect and increase in manufacturing activity. The manufacturing revenue contributed 87% vs 83% (Q4FY16) of total sales to Rs.896.5mn and trading revenue contributed 13% vs 17% (Q4FY16) to Rs.136.5 mn. EBITDA stood at Rs.208mn with margins of 20.2%, an expansion of ~ -106 bps / ~228 bps YoY/QoQ, respectively. VEL's recurring PAT was Rs 154mn vs Rs 106mn in 4QFY16, a YoY/QoQ growth of...