Bata India's Q3FY17 results were above our estimates on the revenue and EBITDA front. However, on account of exceptional item (VRS expense), PAT came in below our estimate. Revenues witnessed decent growth of 2.5% YoY to | 640.8 crore marginally above our estimate of | 630.1 crore Higher employee expense, up 8% YoY to | 65.8 crore, and higher rent expense, up 5.5% YoY to | 89.9 crore, led to a decline in operating margins by 70 bps YoY to 11.8% vs. estimated 11.6%....