Improving Domestic Demand Environment Aided by GovtPolicies: Flat Quarter, margins affected due to weak growth - Ador Welding (AWL) has registered a meager turnover growth of 0.3% sequentially & 20.9% YoY growth forQ3FY17 mainly on account of decent order book. EBITDA margin has contracted by 184 bps QoQ & 263 bps YoY for Q3FY17 to reach 7.3% mainly on account of relativelyhigher expenses over revenue. EBIT & Net profit margins have also contracted by 180 bps & 66 bps sequentially to 4.8% & 4.0% in Q3FY17. Though the restorationof the repaired plants has resulted in improved production levels, demonetization seems to hit the revenue as the industrial activity remained pressurized.