In 4QFY16, while MSIL's operating performance was above our estimate, the reported PAT came in line with our estimate. Reported EPS at Rs37.5 v/s expectation of Rs36.9 With (1) 8.1% yoy increase in ASPs (2) 15% yoy increase in export revenue (3) sharp decline in average discount per vehicle Rs4k (qoq) and (4) 170bps yoy expansion in gross margin, the company has reported better than expected EBIDTA margin in 4QFY16. However the reported Pat was in line with estimate due to 24.3% below estimated other income and 490bps higher than expected effective tax rate. MSIL reported EPS at Rs37.5...