Maintain BUY with a TP of Rs 750, 15x Sep-19E EPS (14x earlier). Mphasis delivered a strong and broad-based performance, with revenue at USD 242mn, up 4.9% QoQ led by HP/DXC channel (6.3% QoQ and 10.3% QoQ in 1Q comprising 26.1% of rev), Direct Core (4.3% QoQ and 54.5% of rev) and Digital Risk (8.3% QoQ and 12.3% of rev). EBIT% came in at 14.4%, +64bps QoQ, supported by lower SG&A;%, and APAT stood at Rs1.98bn. Deal TCV in 2Q was USD 123mn, 48% YoY and 72% of the deals were in Digital and GRC. 1HFY18 TCV has grown at 70%, with 81% of TCV in focus areas.