Maruti Suzukis (MSIL) 3QFY16 APAT at Rs 10.2bn ( 19% YoY, -17% QoQ) came in significantly below expectations. Reported EBITDA margin at 14.4% witnessed 190bps QoQ decline, but adjusted for one-offs and lumpy expenses this stood at 16% (vs. our estimate of 16.5%).