TCS posted a lower than expected top-line for 3QFY2016, while the EBDITA and net profit were in line and higher than expected, respectively. The company posted a 0.3% sequential de-growth in USD revenues to US$4,145mn (V/s our expectation of US$4,177mn). In constant currency terms (CC), the company posted a qoq revenue growth of 0.5%, mainly impacted by the Indian business. The international business posted a 1.1% qoq growth during the quarter. On the operating front, the EBIT margin came in at 26.6% (V/s 26.4% expected) a downtick of 47bp qoq. Consequently, the PAT came in at Rs6,110cr (V/s Rs5,999cr expected), a growth of 0.9% qoq. While we have downgraded the numbers, we maintain our Buy on the stock with a target price of Rs2,854. Quarterly highlights: TCS posted a 0.3% sequential de-growth in USD revenues to US$4,145mn (V/s an expectation of US$4,177mn). In CC terms, the company posted a qoq growth of 0.5%, mainly impacted by the Indian business. The volume growth during the quarter was of 0.4% qoq. On the operating front, the EBIT margin came in at 26.6% (V/s 26.4% expected) a downtick of 47bp qoq. Consequently, the PAT came in at Rs6,110cr (V/s Rs5,999cr expected), a growth...