After declining for three quarters (YoY CC), Retail recovered with 3% YoY CC growth, and TCS expects this to reach double-digits in FY19, a key positive from its 3Q earnings. However, 1.5% QoQ CC decline in BFSI (flat YoY CC), and limited likelihood of this rebounding in the next few quarters offset the strength in Retail. Add to that profitability risk that current levels of INR-USD bear, and the overhang to earnings from potentially greater taxation liability arising out of BEAT, we remain subdued on the near-to-medium-term triggers for TCS. TCS' 3QFY18 CC revenue growth was 1.3% QoQ, marginally ahead of our estimate of +0.9%. 9M YoY CC growth stands at 6.4%, compared to 6.2% in this quarter. EBIT margin expanded 10bp QoQ to 25.2%, as against our estimate of a 20bp contraction. PAT increased 1.3% QoQ, but fell 3.6% YoY to INR65.3b (2% beat).