Minda Corporation consolidated business grew by 31.7% (YoY) / 7.9% (QoQ) driven by Minda Stoneridge revenues which grew at ~ 25.0% (YoY) while standalone business grew at 12.6% (YoY) and remained flattish with -0.8% (QoQ), which the company attributes it for the seasonality. Similarly, EBITDA margins have improved by 75bps to 8.4% in Q1FY17 as compared to last quarter as they had one-off expenses in Q4FY16; while on YoY basis, EBITDA margins have shrunk by 53bps impacted by their joint ventures and Minda Furukawa on account of pricing constraints and higher imports. However, initiatives like alternate sourcing and localization are expected to revive EBITDA margins going forward in FY18E.