MCIE's consolidated revenue grew by marginal 5% (below expectation) owing to consolidation of AEL to India business, growing at 15%YoY, whereas European subsidiary de-grew by 2.7%YoY. Despite new orders in Gears & Forging segments, production cut by major European car manufactures dented order inflow. Lower sales in domestic market continues to put pressure on the growth. EBITDA margin contracted by 180bps due to negative exchange rate impact of 3% in sales and higher employee cost....