Revenues in line with estimates: Arvind's (ARVND) reported revenues of INR21b (est. of INR21.3b) for 1QFY17 grew 17.8% YoY, led by strong 26% YoY growth in the brands & retail (B&R;) business to INR5.5b (LTL growth of 4.3%) and 14% YoY growth in the textiles business. EBITDA margins for 1QFY17 stood flat YoY at 11.5% (est. of 12.5%) due to business mix change in favor of branded apparels, but margins in both the segments expanded. Adjusted PAT stood at INR735m (est. of INR788m), as against INR572m in 1QFY16. Ind-AS key adjustments: With respect to goods sold on Sale or Return (SoR)...