Voltas (VOLT) 3QFY17 overall result was in line with estimates. However, on a segmental basis, EMP surprised with better margins (3.9% vs. -0.6% YoY) and UCP reported 5% decline in revenues led by demonetisation. Other income also stood higher at Rs 597mn ( 140% YoY) leading to APAT of Rs 802mn ( 44% YoY).