M&Ms; (M&M; MVML) 4QFY15 APAT at Rs 6.17bn(-25% YoY) came in well above our and street expectations on the back of higher than expected topline growth and decent operating performance. Even while tractor sales declined sharply by ~36% QoQ, overall EBITDA margin at 11.8% saw a modest increase on sequential basis. Mgmt retains tractor industry volume growth guidance at 5% for FY16.