Simplex Q4FY16 operational performance was below our expectations. Revenues of Rs 15.1bn (down by 2% YoY) was lower than our estimate of Rs 15.8bn. EBITDA came at Rs 1.33bn (-3% YoY), ~ 22% below our estimate of Rs 1.69bn as the margin came lower at 8.8% (-14 bps YoY) vs. estimate of 10.7%. PAT declined 29% YoY to Rs 158mn (vs. estimate of Rs 279mn) primarily led by weak operational performance. For FY16, revenue growth was muted at 4% YoY with EBITDA remained flat YoY due to working capital constraints. FY16 PAT increased 6% YoY led by higher other income & lower tax rate.