24 May 2018 LTIs 4.5% QoQ CC revenue growth exceeded our estimate of +3.5%. PAT of INR3.4b was up 20% YoY (in-line), as lower other income offset the operational beat. For FY18, LTI clocked an industry leading growth rate of 14.7% YoY CC. Due to currency headwinds, the margin for the year contracted by 180bp to 17.7%. However, hedges at >INR71/USD resulted in foreign exchange gains of INR3.4b (23% of PBT) in FY18, leading to PAT growth of 20%.