In Line Quarter & Guidance; Growth Investments & Cash Return Key Positives Infosys delivered an in-line performance in 4QFY18, with revenue rising 1.8% QoQ (0.6% QoQ in CC terms) to US$2,805mn, almost exactly in-line with our estimate. Aided by currency, lower SG&A; and offshore mix, EBIT margin rose by 46bps QoQ, while volume growth came in at 1.2% QoQ. The Management has guided for FY19E USD revenue growth at 7-9% (6-8% in CC terms), in-line with our and street expectations. However, the management guided for lower margin at 22-24%, owing to investments in business on digital, increasing localisation of US staff and reskilling employees. The wide margin band is negative, which gives room for margins to come in at the lower end of the band. FY18 EBIT margin was at 24.3%, which implies margins could fall...