The company's performance was below our expectations lagging by 8% in revenues.There is a margin contraction in pumps segment which is down by 145 bps. The revenue for Q1CY18 Rs. 2128 mn was marginally down as against Rs. 2174 mn showing a decline of 2.3%. The increase in depreciation expense due to capacity expansion and lower other income impacted EBIT which was down by 10.3%.