Q2FY17 total revenues were up 5.4% QoQ and 3.1% YoY at Rs23.4 bn missed our forecasts by 3.8% YoY. However, EBITDA margin of 21.4%, +22bps QoQ, were below our forecast of 22.6%. Adjusted PAT of Rs3.4 bn, -5.3%/-29% QoQ/YoY, was ~12% lower than our forecast....