We lower earnings estimates by 13%, to factor in the 1Q miss as well as continuous headwinds in the BlueFin business. We expect USD revenue growth of 8.1/12.2% and EBITDA% of 12.7/14% for FY18/19E respectively. Maintain NEUTRAL with a TP of Rs 435, 13x FY19E. Mindtrees sub-par 1Q performance was based on a decline in BlueFins and magnet360s revenues (-1.4% QoQ combined impact), revenue came in at USD 200mn, 2.3% QoQ (3.7% volume growth and 1.3% realisation decline). EBITDA% declined -305bps to 11.1% in 1Q, impacted by INR appreciation (-90bps impact), visa cost (-150bps impact) and project ramp-down in BlueFin.