Steep margin improvement despite wage hikes: This was the second quarter that TECHM saw a 4% reduction in Software Professionals headcount (3,409 employees), cost benefits from which aided the 80bp EBITDA margin beat to 14.5%, also supported by the absence of visa expenses and an increase in utilization (+400bp QoQ). PAT at INR8.4b grew 4.7% QoQ, against our expectation of -2.7%, primarily led by the beat on profitability and higher other income aided by favorable hedge positions. Multiple levers yet in hand: The margin trajectory has been looking upward...