Muted revenue growth, profitability to improve: We assess the Q3FY18 results to be positive. YoY EPS grew by 58% aided by mainly an EBITDA expansion of 480 bps coupled with 14.2% revenue growth. We expect the margins to grow consistently in near future reaching 12.4% EBITDA margin along with 8.9% net profit margin by FY20E. However, in view of higher valuations we retain HOLD rating with a target price of Rs. 850 with an upside potential of 7%.