Hexaware Technologies (Hexaware) recorded a strong performance in 1QCY17 led by focus on niche sub-verticals like Travel and Capital Markets. USD revenue grew 4.2% QoQ in 1QCY17 (4% in CC terms) to $144.7mn (3.1% above estimate) mainly on strong volume growth of 3.8% QoQ. Vertical-wise, strong growth was recorded in the Travel & Transportation vertical (+7.5% QoQ). BFSI clocked a healthy 5.6% QoQ growth, while Manufacturing saw 3.3% QoQ growth. Conversely, Insurance & Healthcare clocked a 0.9% QoQ fall. Thus, ~84% of Hexaware's revenue saw strong traction. Utilisation stood at its highest-ever level (78.9%) led by increasing focus on automation. However, EBIT margin (ex-ESOP) declined 54bps QoQ, despite strong revenue...