Management expects improved revenue growth and brighter profitability outlook for FY19 vis--vis FY18 (revenue grew by 8.6%, OPM stood at 13.6% in FY18). Management's confidence about FY19 outlook is driven by improved wallet share, increase in Digital project size and marginal improvement in client budgets. We have raised our revenue growth estimates by 2.3%/1% for FY19/20E. However, most of these gains would be negated by higher tax rate of 27% guided by management, resulting in unchanged earnings estimate for FY20E. We believe that the pick-up in growth rate would not be significant given its modest client...