Mphasis' (MPHL) Q4FY18 revenues grew 4.4% in CC terms and EBIT margins improved 130bps qoq to 16.8% against our expectations of 2.3% CC growth and flattish margins. FY18 revenues grew 9.8% in CC terms at an EBIT margin of 15.1% (up 10bps yoy). Q4 Revenue and margin beat was led by (1) onetime revenues (~Rs120mn) from Gov. of India which directly flowed to profits and (2) strong growth in HP channel. FY18 growth was...