Our revenue estimates imply a moderate ask-rate of 2/2.4% CQGR for FY18/19E. We've factored USD revenue growth of 7.1/9.7% and EBIT of 23.6/24.2% for FY18/19E. INFY's valuations are at 15% discount to TCS despite growth/margin convergence, relative to historical trends and at 4% dividend yield (ex one-time payout for FY18E). Maintain BUY with TP of Rs 1,120, 16x FY19E. Infosys reported better-than-estimated revenue at USD 2,651mn led by 2.7% CC (volume growth of 1.7%) and maintained revenue guidance of 6.5-8.5% CC for FY18E. Key positives (1) Strong execution with improvement in utilisation (+200bps QoQ to 84%) and FP-revenue growth of 5.3% QoQ, (2) Robust growth ex-NorthAm (3.1/6.9/11.2% CC growth in Europe, RoW and India), (3) Improvement in top account mining (top-25 growth at 1.8% QoQ vs -0.4% CQGR in prior four qtrs) and across the entire client base (fastest sequential growth in last seven qtrs).