Railway Segment to Drive Growth Ahead:QoQ EPS grew by 16.5% amid marginal revenue growth of 3.0% aided by EBITDAexpansion of 122 bps. We expect the top line to grow at 6.0% CAGR duringFY17-FY20E; however the EBITDA margin may stabilize at 17% levels with PATmargin stabilizing at 12.3% by FY20E owing to cost rationalization and change in product mix favoring high margin business.