Although moderately below our expectations, SML reported strong numbers in 3QFY17. The top-line stood at Rs 2.3bn ( 18%), aided by 12% volume growth and 5% increase in net ASP. The EBITDA margin stood at 4% ( 264bps YoY), driven by an improvement in the product mix (cargo: bus mix 64:36 vs 67:33 in 3QFY16)