from other factors, a decline of 150bp on headcount resulted in a 300bp increase in utilization. PAT at INR608m (13.6% YoY) was better than our estimate of INR543m, led by the overall operational beat. Smaller bits driving growth: 90% of incremental growth in 2QFY18 was driven by geographies other than the US. Performance in the US (72% of revenue) has been weak for more than a year, and the front-end here recently saw a refresh. Although growth in several pockets has been strong enough to offset this weakness this quarter, it would be necessary for the US...