As regards verticals, all except its newly formed Regional markets & other grew at of higher than the company growth in CC. TCS secured 11 large deals with higher share in BFSI (4 deals). The no. of US$100mn+ clients increased by 1 QoQ to 36. EBIT margin misses again; TCS maintain CC range of 26%-28% for the long term Q1FY18 EBIT margin declined by 236bps QoQ (vs. our forecast of 149bps) to 23.4% impacted by salary increase (-150bps) and INR appreciation (-80 bps). EPS of Rs30.4 was -9.4%/-5.2% QoQ/YoY and ~2% lower than our forecast. Maintain HOLD and TP of Rs2,440 based on 16x FY19E...