HEXW's 1QCY18 CC revenue growth of 3.3% QoQ was in line with our expectation (+3%). EBITDA margin shrunk 40bp QoQ to 15.5%, below our estimate of 16%. The company reinvested gross profits in S&M early in the year in anticipation of continued traction. PAT grew 11% QoQ to INR1.34b (in-line). On a YoY basis, USD revenue grew by 12.1% (CC revenue 10.1%), EBITDA by 0.2% and PAT by 17.8%