Revenue Growth Distorted by Demonetisation Flurry; Long Term Growth Story Intact: Revenue from operations for Fiem Industries in Q3FY17 has declined to Rs. 2354 Mn Vs Rs. 2586 Mn in Q3FY16 marking a drop of 9.0% YoY whereas revenue for 9MFY17 has grown at 10.6% YoY. The bland performance in Q3FY17came as a result of the adverse impact of demonetisation on the market demand of two wheelers across the country. EBITDA margin for 9MFY17 was recorded at12.1% registering a fall of 40bps YoY. We have lowered down our revenue estimates from previous valuation and expect the company to register growth in revenueat a CAGR of 16.8% for the period FY16-19E to reach Rs. 15,758 Mn in FY19E. The company expects to yield better results in Q4FY17E QoQ as demonetization pressure is easing faster.