Top takeaways from Q1FY17 8 M&M + MVML’s revenue grew 12% yoy to Rs 105bn; missed our estimates by 5% as the company shifted its agri business to a subsidiary. 9 EBITDA margin at 14.1% was ahead of our estimate of 13.9%, led by tractors, which posted a 120bps yoy expansion in EBIT margin to 18.8%. 8 Automotive segment saw sharp drop of 180bps qoq in EBIT margins to 7.8%, mainly led by Haridwar excise expiry and weak mix (higher KUV100 and TUV300). 8 EBITDA at Rs 14.9bn was 3% lower than our estimates 8 PAT at Rs 8.7bn was 9% below our estimate due to lower other income.