ICICI Securities Ltd | Retail Equity Research Atul Auto's (AAL) Q1FY17 results were below our expectations on all parameters. Revenues declined 12.9% YoY to | 93 crore (vs. our estimate of | 95 crore). Volumes for Q1FY17 declined 13.9% YoY to 7,606 units while the average realisation was up 1% YoY to | 136,418/vehicle. Volumes during the quarter were largely impacted by tax issue (VAT increased from 15% to 20%) specifically in Gujarat. However, the management has clarified that the same has been...