Navkar Corporations (NACO) 3QFY17 revenue / EBITDA/APAT came in 0.1/2.4/ (4.6) % ahead of estimates, respectively. 3QFY17 EBIDTA/TEU for JNPT assets declined ~6.5%YoY despite higher import TEU?s (610bps expansion of share of imports in mix YoY). Ramp up of volumes at Vapi is lower than expectations, with NACO handling 2,129 TEUs vs. 1225 TEUs in 2QFY17.