Sanghvi Movers (SGM) delivered a strong 3QFY16. Revenues/EBITDA was ~6/13% above our estimates on account of increased crane utilisation rates of ~83% (~80% in 2QFY16) and yields of ~3.06% (~3.05% in 2QFY16). EBIDTA margins expanded ~800bps YoY (-241bps QoQ) to ~66.8% (~424bps above our estimates), driven by lower other expenses and freight costs.