The EBITDA margin expanded 474 bps YoY to 21.3% mainly on account of lower power & fuel costs (declined 246 bps YoY to ~18.1%) due to falling gas prices and above our expectation of 20.0% The bottomline grew at a robust pace of 36.3% YoY to | 63.4 crore and was largely in line with our estimate of | 62.9 crore led by a betterthan-expected EBITDA margin performance WC days reduced to 47 days in Q1FY17 vs. 52 days in Q4FY16 while D/E also dropped to 0.21x in Q1FY17 against 0.28x in Q4FY16 Passage of GST augurs well for domestic industry...