To Pace With 2-wheeler Segment Growth: Improvement in operating margins: Munjal Showa posted marginal 1.0% QoQ revenue growth in Q2FY17 at Rs. 3893 Mn and 5.5% YoY growth. EBITDA margins improved by 131bps QoQ which stood at 8.1% in Q2FY17 as compared to 6.8% and 7.8% in Q1FY17 and Q2FY16 respectively driven by reduction in raw material costs by 100bps and other operating expenses by ~ 80bps leading PAT margins toexpand by 88bps QoQ and 58bps YoY during Q2FY17. H1FY17 revenues slightly improved by 1.9% at Rs. 7746 Mn YoY while EBITDA and PAT declined by 3.8% and 0.7% respectively.