Voltas (VOLT) Q3FY18 operational performance was in line with our expectations. While the revenue increased by 16% yoy the EBITDAM increased by 109bps yoy to 8.6%. APAT however remained flattish at 1% yoy. The Electro-mechanical Projects & Services (EMPS) reported steady revenue growth of 7% yoy. Revenues in the Unitary Cooling Products (UCP) increased by 32% yoy largely driven by a combination of restocking and pre-buying. The Engineering Products and...