MSIL reported 3QFY17 results, which were in line with our and consensus estimates. Reported 3Q PAT of Rs17.9bn was lower than our and street expectation due to lower other income (Rs2.4bn). Other income declined due to sudden increase in the G-Sec bond rates. Overall, results were broadly in line with our expectations at the operating level. Increased share of new models, cost reduction efforts, lower sales promotion and marketing expenses helped to increase the profits however it was partially offset by adverse commodity prices and lower other income during the quarter....