Sanghvi Movers (SGM) 3QFY17 revenue (Rs 1.3bn, 2% YoY) was ~8% below our estimates, as gross block yield declined to ~2.58% (vs. ~2.77% QoQ). Utilisation of cranes improved to ~80% (vs. ~66% QoQ). While lower freight charges and employee costs led to better-than-expected EBTIDA margins (66.9%, 110bps YoY), higher depreciation and taxes led to a 23% miss in our APAT (Rs 234mn, -8% YoY) estimate.