Suzlon's (SUEL) 4QFY17 result was a beat on all counts, with volume at 554MW (+25% YoY) and realisations at Rs 82.2 mn/MW. EBITDA margins also improved (+70bps YoY to 14.1%), leading to an APAT of Rs 2.7bn (ahead of our estimate of Rs 2.3bn). SUEL ended FY17 with volumes of 1,573 MW (+39% YoY).