Maintain NEUTRAL with TP Rs 1,000 (14x Sep-19E EPS). Infosys reported in-line revenue performance (2.2% CC) and outperformed margins on operational efficiencies. Revenue guidance for FY18 was downgraded to 5.5-6.5% CC (6.5-8.5% earlier), implying CQGR of 0.4-1.7% over 3Q/4QFY18. Operational efficiency was the key positive for the quarter, supported by utilisation at an all-time high (84.7%), favourable onsite mix, FP-led growth and realisation improvement (0.7% QoQ CC). Revenue from new products and services grew 14.3% QoQ (49% of incremental growth), while legacy business grew 1.6% QoQ.