At 22.3%, EBITDA margins declined ~430 bps QoQ, much below our estimate of 26.9%, expansion of 30 bps. The EBITDA margin decline was on the back of increasing contribution of onshore revenues (23% to revenues in Q4FY18 vs. 4% in Q4FY17) and higher expenses Reported PAT of | 64.4 crore was below our expectation of | 66.1 crore mainly on account of lower-than-expected EBITDA margin partly offset by higher-than-expected other income Strong growth of 7% QoQ due to specific projects, Q1FY19E to be soft...