Mindacorp reported revenues ahead of our estimates atRs698cr down 10% YoY. Everything else about Q4 results was disappointing. EBIDTA margin came in at a paltry 5.5% (down 510 bps YoY and 580 bps QoQ). PAT came in at Rs-301.8 cr on a one time charge of Rs 293 cr due to closing of Minda KTSN business