Revenue in Line, But Margins at 9-Year Low Tata Consultancy Services has delivered largely an in-line performance in 1QFY18 with its USD revenue growing by 3.1% QoQ (+2% QoQ in CC terms). While volume grew by 3.5% QoQ, CC pricing declined by 1.5% QoQ. EBIT margin declined steeply by 236bps QoQ, which was well below our estimate by 74bps, which led net profit to decline by 10% QoQ to Rs59.45bn (7.8% below our estimate). From vertical perspective, the key BFSI vertical grew in-line with company average by 3.1% QoQ, while Communication & Media grew by 4.6%, Manufacturing 4.5%, Technology & Services 4.4%, Life Sciences & Healthcare 6.1%, Travel & Hospitality 6.2% and...