Q1FY17 revenues came in at | 5031.7 crore, down 3.4% YoY and 2.2% QoQ, lower than our expectation of a topline of | 5146.2 crore. The topline miss came from the miss in the voice business, which came in at | 1789 crore, down 12.9% YoY as realisations declined sharply to | 1.6/minutes (down 14.5% YoY). Data continued to grow at a robust pace at | 2841.6 crore, up 14.4% YoY. Neotel revenues came in higher at | 401 crore vs. estimated | 348.5 crore • EBITDA came in at | 862.7 crore, up 13.3% YoY vs. expectation of | 809.2 crore. EBITDA margins came in at 17.1%, up 252 bps YoY and higher than our expectation of 15.7%. Margins came in higher due to lower network, employee and administrative expenses • PAT came in at | 41.8 crore (vs. expectation of | 67.4 crore) as there was an exceptional item with respect to impairment of goodwill of Neotel amounting to | 92 crore, which adversely affected the PAT despite superior operating profits