Crompton Greaves' (CRG) 1QFY17 standalone revenues grew 35% YoY to INR10.4b, in line with our estimates, primarily driven by strong performance in power systems business (+59% YoY). EBIDTA of INR0.6b was below our estimate of INR0.8b. EBIDTA margin of 5.9% too missed our estimate of 7.6% due to higher-than-expected other expenses during the quarter. Adjusted for the INR100m provision in power systems segment, EBITDA was at INR0.7b. PAT of INR383m was below our estimate of INR410m. Power systems business witnessed strong performance, with revenues growing...