Except the marginally lower tax rate that pushed Q2FY17 net profit 2.2% away from our estimates, HDFC's Q2FY17 earnings were in-line with our estimates. The management has stated the tax rate going forward can be expected to stay at 28.5-29% levels compared to 30.6% in four out of five preceding quarters (Q1FY16-Q1FY17). Given the not-so-meaningful...