Linc Pen & Plastics Ltd (LPPL)s 3QFY2016 results have come in below our estimates. The companys top-line for the quarter grew 5% yoy. On the operating front, the company reported margin improvement, primarily on account of lower raw material costs. Further, on the bottom-line front, the company reported a soft ~4% yoy growth on account of lower sales growth. Top-line grew ~5% yoy: The companys top-line grew by ~5% yoy to ~`72cr (which is below our estimate of ~`75cr), mainly due to a poor sales performance on the export front (8.3% yoy de-growth due to geographical instability and currency volatility). However, domestic sales grew by ~11.5% yoy. PAT grew ~4% yoy: Despite margin expansion, the reported net profit grew by a soft ~4% yoy to ~`3.3cr (which is below our estimates of ~`3.6cr) on account of lower sales growth and higher tax rate. Outlook and valuation: Going ahead, we expect LPPL to report a top-line CAGR of ~8% over FY2015-17E to ~`371cr owing to strong domestic as well as export sales. On the bottom-line front, we expect the company to report ~17% CAGR over FY2015-17E. This would be on account of expansion in operating margin on the back of lower...