Infosys has delivered an in-line performance in 2QFY18, the first quarter post Dr. Vishal Sikka's exit. Its revenue grew by 2.9% QoQ (2.2% QoQ in CC terms) led by good growth in verticals such as Insurance (+6.2% QoQ), BFS (+2.5%), Transport & Logistics (+8.3%), Life Sciences (+7.4%) and Energy & Utilities (+8.8%). Despite wage hike, EBIT margin expanded by 10bps QoQ (vs. our estimate 73bps QoQ decline) led by all-time high employee utilisation, rise in pricing and operational efficiency, which is a positive sign. However, Infosys' cut in its FY18E guidance - with...