Disappointing Q3FY17 Results; Future Looks Optimistic: ESAB has recorded a turnover decline of 6.7% sequentially & a marginal 1.2% growth YoY for Q3FY17 owing to pressurized macro conditions and lower off-takefrom customer end. EBITDA, EBIT & PAT margins have also shrunk by 472 bps, 478 bps & 181 bps QoQ to reach 5.9%, 3.9% & 5.7% respectively. 9 months YTD performance has been quite optimistic with a revenue growth of 3.6% along withEBITDA margin contraction of 4 bps and EBIT & PAT margins expansion of 2 bps & 73 bps to reach 8.8%, 7.0% & 6.7% respectively compared to 9MFY16.