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We have tweaked our revenue, earnings estimate for FY16E and FY17E, considering Q1 performance of WPL. We have modelled revenue CAGR of 14% in FY15 17E led by 10% volume growth. We believe an expansion in EBITDA margin by 240 bps in FY15 17E would result in PAT CAGR of 20% during the same period.

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