Infosys has delivered an in-line performance in 1QFY19, with its USD revenue rising by 0.9% QoQ (+2.3% QoQ in CC terms) to US$2,831mn (0.7% above our estimate) led by Retail (+6.4% QoQ in CC terms) and Energy (+5.3% QoQ). EBIT margin declined by 101bps QoQ, (83bps above our estimate) to 23.7% with favourable currency, higher utilisation and offshore mix offsetting the impact of wage hike, higher visa and subcontractor cost and business investments to a large extent. Looking ahead, the IT major maintained its guidance for FY19E with revenue growth pegged at 6-8% in CC terms, while EBIT margin is seen at 22-24%. Lack of an upward revision in margin guidance is disappointing, as EBIT margin came in close to the upper end of guided...