Volumes below expectations; robust EBITDA margins; cautious outlook HUVR's 1QFY17 performance (Ind AS) was below expectations on net sales up 3.6% YoY (est. 6%) to INR81.3bled by underlying volume growth of 4% (est. 5%). EBITDA grew 8.2% YoY (est. 6.6%) to INR16.4b (est. 16.05b) and Adj. PAT grew 6.1% YoY (est.9.6%) to INR11.27b (est.11.54b). Volume performance muted 4% in 1QFY17. Industry volume growth has been decelerating both YoY and sequentially as a result of slowdown in both urban and rural demand, with the latter continuing to lag the former....