Q1FY18 revenue in CC declined only by 0.6% QoQ vs. our forecast of a 2.1% QoQ decline. Further, EBIT margin of 9.4%, +120bps QoQ and EPS of Rs9.1, +36%/+5.9% QoQ/YoY also beat to our forecast. TECHM has confirmed that the restructuring of the LCC is complete. In Q1FY18, it secured large deals worth US$325mn, maintaining the quarterly run-rate of FY17. We factor Q1FY18 beat and lower FX assumption (Rs66/67 vs. Rs67.5/Rs67.5 for FY18/19E). We largely maintain our forecast for FY18/19 revenue (US$)/EPS CAGR...