Q3 was another strong quarter beating estimates, with revenue up 2.5% QoQ to USD 1,209 mn (AxisCapE/ Cons.: USD 1,206 mn/USD 1,195 mn). EBITDA margin was up 173 bps QoQ to 16.3% led by IP revenue accrual, LCC turnaround (profitable), utilization uptick, lower headcount, and operating leverage.