logues and cholesterol. EBITDA margins declined from 28.3% in to 26.4% (est.26.7%) on a YoY basis slightly below our estimate mainly due to CRAMS UK and other marketable molecules saw a decline in EBITDA margins.Q3 FY17 PAT increased by 8% YoY to Rs. 547mn came inline with our estimate of Sector Outlook Rs. 547mn due to higher other income (foreign currency gains). Interest expense declined by 27.5% YoY in Q3 FY17 driven by lower debt, conversion of rupee debt into foreign debt. Hence, PAT margin Stock...