Atul Autos (AAL) 3QFY16 APAT at Rs 160mn ( 41% YoY) beat our estimates by 11%. Revenues were in line ( 9% YoY, volume 7%, ASP 2%). ASP growth was change in product mix, despite overall pricing softness. EBITDA margin surprised with 388bps YoY rise to 16.6% (higher gross margins).