SEL had a subdued performance in 1QFY17 with revenue de-growth of 1%/8.8% YoY/QoQ, respectively, to Rs 901mn led by contribution of industrial switchgears (46%), wire & cable (48%), building (3.8%) and energy management (2.1% vs 17% in 1QFY16). EBITDA stood at Rs 108mn a YoY/QoQ growth of -12.7%/12.2% with EBITDA margins at 12%, an expansion of -160bps/225bps YoY/QoQ respectively, mainly due to lower contribution from energy management segment and higher...