Maintain BUY with TP of Rs 980, 18x Dec-19E EPS (16x earlier). Mphasis delivered strong growth in 3QFY18, with revenue at USD 252mn, up 3.8/12.6% QoQ/YoY (3.7/12.2% CC), led by (1) Direct Core (54.2% of rev) growth of 3.4/13.8% QoQ/YoY in CC, (2) HP/DXC channel (26% of rev) growth of 3.1/20.5% QoQ/YoY in CC. EBIT% came at 15.1% (adj. for one-time settlement impact of 40bps), +64bps QoQ within the guided band of 14 to 16%, supported by improvement in Digital Risks margin (low double-digits in 3Q).