Carborundum Universals (CUMI?s) 3QFY17 revenues ( 6% YoY) were largely in line with our estimates, barring the Electro minerals (EM) segment (-390bps YoY EBIT margins), whose subdued performance impacted overall margins. The EM segment was impacted by (1) an increase in pet coke prices (2) high power costs due to lower captive power generation and (3) RUB appreciation.