Q1FY17 Results of Tube contains more of positives; maintain BUY: Tube Investments of India (Tube) revenue, EBITDA and PAT grow to Rs.10,979Mn,Rs.573Mn and Rs.424Mn respectively during Q1FY17 which are higher by 6.4%,37.6% and 135.4% respectively on YoY basis.We revise our standalone revenue, EBITDA and PAT to Rs.42,077Mn, Rs.3,780Mn and Rs.1,542Mn respectively for FY17E; and for FY18E, the same is revised toRs.46,652Mn, Rs.4,404, and Rs.1,921Mn respectively.We expect cycles segment to grow to Rs.1,554Mn and Rs.1,637Mn for FY17E and FY18E respectively which is a 5% CAGR growth during FY16-18E. The estimateincorporates 2.3% of volumes sustained by institutional business and 2.6% ofrealisation growth largely from speciality cycles.