12 July 2018 Revenue fell 2.3% QoQ, as against our estimate of a 1.8% QoQ decline. On a YoY basis, revenue growth stood at 14%. Excluding the acquisition, revenue declined by 1% QoQ soft for a seasonally strong quarter. DLM revenue at USD18m was higher than our estimate of USD16m, and drove in-line consolidated revenue. EBITDA margin stood at 12.2% (a contraction of 190bp QoQ), lower than our estimate of 13.1% (-100bp QoQ). Margins for the quarter were driven by lower offshore mix and utilization (120bp), wage hikes (70bp), favorable currency movement (60bp), one-off expenses, including M&A; (-40bp) and SG&A; (30bp). PAT of INR825m (-32% QoQ) was below our estimate of INR1,096m (-7% QoQ). The miss was led by the margin miss, lower other income and a higher tax rate. Total order intake declined from USD206m in 4QFY18 to USD170m in 1QFY19, mainly due to a reduction in order intake in the services business.