INFO's CC revenue growth guidance of 6-8% YoY was nearly in line with expectation. The marginal beat can be ascribed to a weaker exit in 4Q (0.6% CC) than our expectation (1.5% CC). This implies that the CQGR will be better if the guidance is met. We have cut our earnings by ~2% for FY19/20E, factoring in the weaker exit and the marginal profitability decline. INFO's performance in recent years has been in line with peers. The guidance on revenues was on expected lines. However, we believe that the lower end of the EBIT margin band of 22% is conservative, with pricing pressures seemingly tailing off and the share of higher-margin Digital inching up. Our price target of INR1,330 discounts forward earnings by 16x. Maintain Buy.