Q3FY17 total revenues were down 3.7% QoQ and 0.8% YoY at Rs22.5 bn missed our forecasts by 2.5% YoY. However, EBITDA margin of 15.2%, was down from 21.4% in Q2FY17 and 22.1% in Q3FY16 plus were below our forecast of 21.5%. Adjusted PAT of Rs2.8 bn, -16.6%/-34.7% QoQ/YoY, was ~20.7% lower than our forecast....