V-Guard Industries (V-Guard) reported impressive 1QFY17 revenue growth ( 15.3% YoY at Rs 5.7bn, in line with our estimates) owing to a hot summer. Gross margins expanded ( 301bps to 30.9%) aided by RM tailwinds. EBITDA growth ( 46.7%) was healthy, with 243bps YoY gains in EBITDA margin at 11.1%.