Infosys's Q4FY17 revenue growth of 0.7% QoQ in US$ (unchanged in constant currency CC) missed our forecast. EBIT margin of 24.6%, -50bps QoQ also missed our forecast. However, EPS of Rs15.8, -2.8%/+0.2% QoQ/YoY was in-line our forecast due to lower tax rate. Infosys has guided for CC revenue growth of 6.5%-8.5% and EBIT margin of 23%-25% in FY18, lower than our expectation. Its revised capital allocation policy includes an annual payout (dividend/share buyback) of 70% of FCF and an additional payout of upto Rs130 bn in FY18. Our current forecast includes dividend payout and share buyback remains a upside trigger. We factor Q4 miss and cut FY18 revenue (US$)/EPS by 1.4/4.3%. We introduce FY19...