Maruti Suzuki India (MSIL) has delivered a strong operating performance in 2QFY17 owing to festivities-driven volume growth, lower discount and favourable operating leverage. Reported Revenue at Rs178.4bn vs. Our Estimate of Rs178.9bn MSIL's revenue rose by 28.8% yoy to Rs178.4bn (vs. our estimate of Rs178.9bn) owing to 18.4% yoy rise in volume. EBITDA rose by 35.3% yoy to Rs30.4bn (vs. our estimate of Rs26.5bn), while EBITDA margin rose by 80bps yoy to 17.0% (vs. our estimate of 14.8%) led by cost control initiatives, low discount, healthy volume growth and favourable fixed cost operating benefit. Other income rose 71.6% yoy to Rs8.13bn (62.5% higher...