1QFY17 performance exceeds expectations: Voltas' (VOLT) 1QFY17 revenues grew 19% YoY to INR18.5b (v/s our estimate of INR19.4b) and EBIDTA increased 52% YoY to INR2.0b (higher than our estimate of INR1.7b). EBITDA margin came in at 10.8% (+240bp YoY), ahead of our estimate of 8.7%. Adj. net profit stood at INR1.6b, up 53% YoY and higher than our estimate of INR1.2b. Unitary Cooling Products (UCP) segment's sales were up 29% YoY to INR11.9b in 1QFY17, aided by strong summer-led consumer demand. VOLT continued to be the market leader with a share of 22%. For the quarter, air cooler sales...