Q2FY17 performance was in line, as Panvel volumes grew 8% YoY (flattish QoQ, primarily led by imports; +15% YoY in Q1).However, adj. EBITDA margin (Rs/teu; ex-forex) declined ~12% QoQ due to heavy monsoon which led to (a) higher operating overheads due to delay in transportation and (b) adverse EXIM..