Atul Autos (AAL) 3QFY17 EBITDA at Rs 189mn (-25% YoY, -14% QoQ), was higher, owing to a lower-than-expected dip in gross margins. Net revenues at Rs 1.3bn (-12% YoY, -6% QoQ) were in line with estimates. APAT at Rs 122mn (-29% YoY, -54% QoQ) was higher, owing to an increase in other income.