L&T;'s 4QFY17 consolidated revenue grew 12.0% YoY, however EBITDA declined 3.6% YoY, owing to 190bps slip in EBITDA margin. Although operating performance looks weak prima facie, analysis of segmental performance suggests that the disappointment is on account of services business (owing to rise in NPA in finance business and provisioning of receivables in Nabba Power). The performance of the core business was in-line with our expectation. On account of higher other income, lower interest expenses and taxation, net profit jumped 29.5% YoY. For the full year FY17, revenues (ex-services) were up 8.2% YoY...