Steady Performance in Tough Times; Future Outlook Promising: Revenue from operations for Gabriel India in Q3FY17 was recorded atRs. 3737 Mn Vs Rs. 3548 Mn in Q3FY16 marking a growth of 5.3% YoY. The company has reported healthy figures in Q3FY17 considering the negative impactof demonetisation that was felt all around the auto ancillary industry. We have tweaked our revenue estimates from previous valuation and expect the companyto register growth in revenue at a CAGR of 7.2% for the period FY16-19E to reach Rs. 17,720 Mn in FY19E.