eClerx reported strong USD revenue growth (3.2% QoQ USD, 4.2% CC). Top-5 client revenue was the highest in five years (since 3QFY11) at 7.9% QoQ; YoY growth (17.5%), too, was the highest since 4QFY12. Non-top-5 clients, however, recorded a decline of 2.7% QoQ, the first since 4QFY12, as some top clients of similar size displayed divergent growth, leading to a change in classification. Higher onsite wage and delivery cost reduced EBIT margin (-115bps QoQ).