In Q4FY17, TECHM secured deals with TCV of ~US$320 mn taking the TCV to ~US$1.3bn for FY17. We introduce FY19 financials. We largely maintain our FY18 US$ revenue forecast but cut EBIT margin forecast by ~190bps to 10.6%. As a result we cut our FY18E EPS by 8% to Rs36.1. We now forecast FY17-19E revenue (US$)/EPS CAGR of 8.1%/8.9%. We roll-over to FY19E and now value TECHM at PER of 12x (13x FY18E earlier). We maintain...