eClerx's business outlook on the revenue front has improved, and we expect double digit revenue growth from FY19E onward. However, owing to margin pressures, EPS growth has been poor (-18.1% in FY18). Nonetheless, we expect margin stability from FY19E onward, which along with 12.3% USD revenue CAGR, is expected to drive >14% adjusted EPS CAGR over FY18FY20E. Thus, given an improving outlook, we upgrade eClerx from REDUCE to HOLD, with...