Total revenues for Q2FY17 were up 16.48%/14.4% YoY/QoQ at Rs22.2 bn in-line with our estimates triggered by growth across key geographies, however, entire EM ex-India continued to get impacted on account of currency devaluation . EBITDA margin declined 97bps YoY and up 67bps QoQ from 21.1% in Q2FY16 to 20.2% in current quarter mainly due to the continuing pricing pressure in the base business. It was down 120bps against our guidance was due mainly to higher than expected Staff Costs (payment of variable pays, annual increments and addition in employees). But we believe an improvement in the margins attributable also to the better product mix....