Infosys has delivered a below-par sequential performance in 4QFY17, with both revenue and margins missing our estimates by 1% and 46bps, respectively. USD revenue rose by 0.7% QoQ with flat revenue in CC terms, which reflects pressure in Retail (-2.7% QoQ) and Healthcare (-12.4% QoQ) verticals. Rather disappointingly, CC revenue growth guidance of 6.5-8.5% for FY18E also missed our expectations of 7-9%. Infosys has guided for 6.1-8.1% growth in USD revenue, which would mark the 4th successive year of single digit growth. Tweaking its capital allocation policy, Infosys will now return up to 70% of free cash flow to shareholders from 50% of post-tax profits earlier. Further, it will also return up to Rs130bn (US$2bn) to shareholders in FY18...