growth was +6% yoy (vs estimated 8%). EBITDA margin at 21.9% was 120bps below our estimates of 23.1%. The PAT (adjusted forforex gain ofRs448mn) declined 14% yoyto Rs 3.21bn(implying20%/17%misstoour/consensusestimates).InQ1FY17,CDHhasremoved JVsalesfromconsolidatedsalesandbookedtheshareofprofitfromJVsasperINDAS.Ifwe...