Maintain BUY with a TP of Rs 1225. SMLIs 3Q EBITDA at Rs. -18mn and revenue 2.2bn (-3% YoY) were below estimates owing to adverse product mix (Bus: Cargo mix was 35:65 in 3QFY18) and higher other expenses (+234bps QoQ, led by increase in R&D; and marketing expenses). Total Volumes fell by 13% YoY (2.30k) in 3Q, owing to slowdown in Bus segment and weak lower tonnage cargo demand. APAT turned negative at Rs -98mn dragged by negative operating leverage.