Wipro's IT Services revenue in CC terms grew by 1.1% qoq against our expectation of 2.0%. Q4FY18 growth only met the lower end of its revenue guidance of 1%-3% in CC terms. However, 130bps of cross-currency tailwinds helped it to deliver a USD growth of 2.4%. Consolidated revenue grew by 4.6%/2.9% in USD/CC terms in FY18. IT Services EBIT margin at 14.4% was down 40bps, much below our estimate of 16.8%, as it recognized one-time costs related to insolvency of two clients (Aircel in Telecom and Carillion in Utilities) and impairment of one of its subsidiaries (HPS) in Q4FY18. Excluding the insolvency impact, the EBIT margin stood at 16.0%....