1QFY17 performance below expectations: Larsen & Toubro's (L&T;) 1QFY17 consolidated performance was substantially below expectations. Revenues of INR219b (+9% YoY) were in line with our estimates of INR223b. EBITDA at INR19b (+16.1% YoY) was meaningfully below our estimate of INR24b, driven by provisions under Ind-AS, write-down in the shipbuilding division and close out costs incurred in the hydrocarbon segment. However, adjusted for the same, reported EBITDA was in line with our estimates. Reported PAT at INR6.1b was below our estimate of INR8.1b....