We slightly lower earnings estimate (-1.8/-1.5% for FY18/19E) on margin moderation (-40bps) and factored revenue growth of 8.3/8.6% and EBIT% at 24.9/25% for FY18/19E. With revenue/EPS CAGR at 8.5/5% over FY17-19E, maintain NEUTRAL with TP of Rs 2,500, 17x FY19E. TCS volume-led (3.5% QoQ) revenue growth was in-line at 2% CC QoQ, even as core geography (NorthAm) and core verticals continued to underperform the other segments. Growth in 1Q was impacted by completion of short-duration projects and inadequate refill as represented by decline in regional-markets vertical (17.6% of revenue and -3.6% CC decline). EBIT margin declined 230bps to 23.4%, consequent to wage hike (-150bps impact) and INR appreciation (-80bps impact).