Operational performance below expectation: Revenue declined 7.5% YoY to INR10.2b (our est. INR12.7b), while EBIDTA inched up 2% YoY to INR1.3b (our est. INR1.4b). Operating margin of 12.4% (+120bp YoY) was above our est. of 11.0%. Adj PAT declined 59% YoY to INR286m, below our est. of INR741m impacted by higher-than-estimated tax rate (65% v/s est. of 12%)...