Revenues for the quarter declined by 8.5% at Rs 3658mn below our estimates of Rs 4181 mn. The margins were at 27.2% in Q1 FY17 as against our estimates of 25.9%. Higher margins were on account of better gross margins and lower other expenses. Profits for the quarter were higher by 11% YoY to Rs 455 mn but lower as against our estimates of Rs 470 mn.