EBITDA margin contracted by ~588 bps YoY: VEL posted EBITDA of Rs 152mn a YoY/QoQ growth of -24.5%/ 1.4% respectively with margin contraction of ~588bps YoY to 17.9% in 3QFY17 led by reduced contribution from organotin segment and increased low margin product volumes impacting high margin businesses. We expect, VEL to expand its EBITDA margin by ~246bps over FY16-FY19e mainly due to increase in the contribution from organotin over medium to long term, high margin products...