Results in line with expectations: Kitex Garments' (KTG) 1QFY17 revenues grew 9.4% YoY to INR1.2b (v/s est. of INR1.1b), led by higher garments (+6.6% YoY) and net fabric (+23.1% YoY) revenues. EBITDA margin expanded 80bp YoY to 28.4% (v/s est. of 29.5%), while PAT grew 31% to INR209m on account of lower interest outgo. Management continues to maintain its guidance of 20% annual growth over the next three years due to new client additions and commensurate capacity addition. After increasing capacity to 320,000 pcs/day from 270,000 pcs/day, the company aims to sustain this momentum, which...