Maintain BUY with TP of Rs 420, 18x Dec-19E EPS (17x earlier). Hexaware posted strong revenue and in-line operating performance as compared to expectations. Revenue stood at USD 156.1mn, 1.3% QoQ (1.1% volume growth) and 12.3% YoY. CY17 rev growth at 15.6%, as compared to upper-end of 14 to 15% band guided (10 to 12% guided at the beginning of fiscal). EBITDA% stood at 15.9%, -154bps QoQ impacted by -280bps at gross margin (onshore wage hike and increase in new account investment). APAT came at Rs 1.21bn, impacted by higher ETR.