13 July 2018 guidance of 6-8% YoY was on expected lines, but marginally better considering a weaker exit in 4Q (0.6% CC) than we anticipated (1.5% CC), implying that the CQGR will be better if the guidance is met. growth guidance of 6-8% and EBIT margin band of 22-24% remain unchanged. However, on the margins front, we expect the company to come slightly investment budget for the year, and [2] 1Q is seasonally the weakest for margins and INFO is already close to the higher end of the band. However, while US BFS saw large deal wins, Europe BFS turned soft, keeping our expectations modest for now. Although it looks like INFO will achieve the lower end of its guidance in FY19, we continue to reckon the margin band is conservative, with the share of Digital inching up, recent INR depreciation, and investments already defined internally.