Maintain BUY with a TP of Rs 690, 14x FY19E. Mphasis delivered stellar 1QFY18 performance, with revenue at USD 231mn, up 4.3% QoQ, led by the HP/DXC channel (+10.1% QoQ and 25.8% of revenue) and Direct core (4.1% QoQ and 54.8% of revenue). EBITDA% came in at 14.9%, -89bps QoQ, and APAT stood at Rs1.87bn. Deal bookings doubled in 1Q, with TCV of USD 183mn as compared to the quarterly average of USD 91mn in FY17 (88% of TCV within Mphasis focus areas of Digital and GRC).