Q3FY18 revenues were up 2.4% YoY lower than our forecast by 8.8%. EBITDA margin of 24.3% were above our estimates, mainly due to strong gross margins (73.5% in Q3FY18 Vs 70.7% in Q2FY18) and continuing reduction in the salary overheads. However, PAT was down 74.7% YoY at Rs580mn a miss from our...