Excellent Operating Performance; Margin Touches 7- Quarter High Mindtree has delivered an impressive performance in 3QFY18. Its USD revenue grew by 3.9% QoQ to US$214.3mn (0.9% above our estimate) led by Travel & Hospitality (+9.3% QoQ) and BFSI (+4.3% QoQ) verticals. Further, MFG, Retail & CPG also clocked a decent 3.2% QoQ growth in USD revenue, while Technology, Media & Services grew by a subdued 2% QoQ. Aided by strong revenue growth, operational efficiency and absence of any one-time cost (incurred in 2QFY18), EBITDA margin expanded by a robust 348bps QoQ to touch its highest level since 4QFY16 (7-quarter high). This is the key positive aspect of Mindtree's quarterly performance, which in...