Force Motor?s 3QFY17 was adversely impacted by the government?s demonetisation initiative. Net revenues at Rs 6.2bn were dragged down 14% YoY by a 13% degrowth in automotive and 17% fall in sub-contracting (auto comp). EBITDA margin at 4.6% (Rs 289mn) was hit by deleverage, as seen in higher employee expenses ( 475bps YoY). APAT fell 15% YoY to Rs 233mn.