We expect revenue/EPS growth at 5.9/3.0% CAGR over FY17-19E, factoring USD revenue growth of 1.0/11.0% and EBIT% at 27.9/30.3% for FY18/19E, respectively. Maintain SELL with TP of Rs1,115, 12x FY19E. eClerx posted revenue of USD 48.8mn, 1.9% QoQ (1.4% CC) and -2.8% YoY, supported by growth in the Top-5 accounts, while the Top 6 to 10 accounts dented performance (-2% QoQ). EBIT% came in at 26.9%, -267bps QoQ, impacted by wage increase (-240bps impact), INR appreciation (-150bps impact) and higher S&D; expenses (-20bps impact), mitigated by lower G&A; (lower CSR) and lower depreciation expenses (lower CAPEX). APAT came in at Rs792mn, 5.9% QoQ and -17.4% YoY.