We upgrade to BUY, with a TP of Rs 290, 15x Sep-19E. Hexaware posted robust 2Q numbers, with revenue at USD 152.6mn (USD 149.4mn est.) on 4.9% CC QoQ growth (6.4% volume and -1.5% realisations). EBITDA% came in-line at 16.2% (16.1% est.), -64bps QoQ, supported by an increase in utilisation (+190bps QoQ to 80.8%) and mitigated by the negative impact of higher ESOP and visa costs, INR appreciation and lower bill-rates for 2Q. APAT came in at Rs1.22bn, supported by forex gain of Rs 138mn (Rs16.2mn in 1Q).