For Q4FY18, Wabco India (WIL) reported net profit of Rs772mn, up 56% YoY and 21% QoQ, but below PLe of Rs822mn. While overall revenue for the quarter was ahead of our expectations at Rs7.85bn (~9% above PLe), growing 36% YoY/21% QoQ(whereotheroperatingincomewashigher45%YoY),operatingperformance missedestimateswithEBITDAmarginloweringto110bpsQoQ(higher90bpsYoY) to 14.3% (PLe: 17%). Disappointment in OPM was mainly on account of gross margins being lower 320bps YoY and 310bps QoQ, whereas other expenses and...