SML posted revenue of Rs. 4632Mn in Q1FY17 up by 45.6% QoQ and 20.9% YoY driven by volume movement of 39.6% QoQ/28.4% YoY and slight uptick in realizations due to product mix towards the MHCVs. EBITDA margins improved by 470bps QoQ to 13.2% from 8.5% during Q4FY16 on account of raw material price cuts and reduction in operating expenses. PAT grew by 146.7% QoQ/41.5% YoY having PAT margin of 8.9% in Q1FY17 from 5.2% in Q4FY16. The overall commercial vehicle industry grew by 12.9% YoY during Q1FY17 where M&HCV passenger and goods segment surged by 1.52% and 17.52% respectively, and LCV passenger and goods segment improved by 11.7% and 11.9 % respectively.