BELs 3QFY17 net profit came in 13.6%, ahead of estimates. Two new projects hit revenue recognition (Rs 767mn) resulting in outperformance. Consolidated net debt decreased Rs 230mn QoQ with net D/E at 0.9x vs. 0.92x 2QFY17-end. BEL?s 9MFY17 profits were impacted by write-offs of Rs 455mn on account of donations, loss on mall sales and additional interest/depreciation provisions.