PNC Infratech's (PNC) topline grew 18.6% YoY to | 515.0 crore (our expectation: | 500.8 crore) led by better execution EBITDA margin declined 81 bps YoY to 13% (vs. our estimate: 13.2%) PAT grew 2.5x YoY to | 64.0 crore (vs. our estimate: | 39.4 crore) on account of higher other income (| 17.4 crore in Q1FY17 vs. | 1.9 crore Q1FY16), lower interest expenses (| 2.2 crore in Q1FY17 vs. | 10.3 crore in Q1FY16) and lower effective tax rate (8.9% in Q1FY17 vs. 34.5% in Q1FY16 due to MAT credit entitlement of | 8.2 crore)...