Results below estimates: Revenue declined 1.5% YoY to INR6.7b (our estimate: INR7.8b). EBITDA margin was flat at 12.2% (our estimate: 13.7%). Gross margin expanded 210bp YoY to 50.1%, but the gains were partly offset by increase of 190bp in other expenses. EBITDA declined 1.7% YoY to INR820m, but adjusted PAT grew 6.3% YoY to INR503m (our estimate: INR627m) due to lower depreciation (INR162m v/s INR194m) and higher other income (INR110m v/s INR78m).Motilal Oswal value the stock at INR446 (30x FY18E EPS), implying 19% downside. They downgrade stock rating to Sell.