Unfavorable mix drags realizations QoQ: Net sales grew ~2.7% YoY (+7.2% QoQ) to INR57.5b (v/s est. of INR58b) as realizations increased 4.5% YoY (-6% QoQ), while volumes declined 1.8% YoY (+14% QoQ). Realizations declined QoQ due to a weaker product mix, mainly impacted by a fall in contribution from 3Ws (150bp QoQ) and lower exports (-100bp QoQ). Lower USD/INR rate (INR67.1 in 1QFY17 v/s INR67.5 in 4QFY16) too pulled down realizations. EBITDA margins decline due to weaker exports: Gross margins declined 130bp QoQ (+20bp YoY) due to unfavorable product mix (lower share of exports and higher share of entry-level motorcycles), adverse FX rate and rising commodity...