of ~2% growth in volume. Exim volumes grew by 3% yoy after decline over past four quarterswhiledomesticvolumeremainedweakwithdeclineof4.3%yoy.Highergrowthin volumes at Mundra port and decline in volumes at JNPT resulted in reduction in lead distanceforexim,resultedinloweraveragerealizationperTEU.EBITDAmargindeclinedby 70bpsyoyto19.6%,higherthanourestimatesof16%.EBITperTEUineximdeclinedtoRs 3,223 in Q1FY17 from Rs 3,481 in Q1FY16, in domestic it declined by 3% yoy to Rs 381. Depreciation declined by 15%qoq with new accounting standards supporting EBIT margin...