JLL's revenue grew at muted 4%YoY in Q4FY17 impacted by demonetisation and muted price growth. EBITDA margins contracted 90bps YoY due to 190bps YoY reduction in gross margins on muted price growth. We reduce our FY18E revenue forecasts by 5% factoring the demonetisation, while we expect revival in demand will drive revenue to grow at 11% CAGR over FY17-19E. EBITDA margins will face medium term headwinds, but once price...