Maintain BUY with TP of Rs 1,060, 18x FY20E. Mphasis posted a strong quarter with continuity in robust HP-DXC-channel performance. Revenue came at USD 270mn, 5.0/19.5% QoQ/YoY. Growth was led by HP-DXC-channel (27% of rev) at 8.3% QoQ (20.6% YoY in FY18). Direct core (53.1% of rev) grew 2.8% QoQ (11.6% YoY in FY18). EBIT% came at 16.8%, +130bps QoQ. APAT stood at Rs 2.51bn, 29.6% YoY.