3QFY18 CC revenue growth of 0.8% QoQ was largely in line with our estimate of +1% QoQ. Led by higher furloughs, budget cuts and delayed ramp-ups, a 1.6% QoQ fall in BFS was in contrast to 2QFY18 commentary. However, a pick-up in the vertical starting next quarter, and expectations of a better CY18 v/s CY17 put worries to rest. EBIT margin of 24.3% (+10bp QoQ)exhibited stability, despite wage hikes for mid/senior management. Strong execution over last three quarters was driven by improved utilization, which at 85% is at its all-time high. With little juice left to squeeze out from this lever, INFO has moved its focus on improving onsite/offshore mix and roll ratios onsite, and fresher hiring onsite to support its cost structure. INFO still maintained guidance of 23-25% EBIT margin.