Growing Despite Challenges: Impressive Q3 results despite headwinds: SKF has clocked a turnover growth of 0.4% sequentially & 8.7% YoY growth for Q3FY17 owing to improved volumes &favorable sales mix. EBITDA, EBIT & PAT margins have slightly expanded by 68 bps, 72 bps & 68 bps QoQ & 20 bps, 50 bps & 58 bps YoY to reach 12.5%, 10.8% & 9.1% respectively. 9MFY17 performance is hit by the demonetization move, however,margin performance has been good and the management is expecting normalcy by next quarter. SKF has grown in all the segments including energy, railways & automotives and has seen a slight dip in after-sales business for the quarter.