Infosys (INFO) reported a modest 2.3% QoQ constant currency revenue growth in 1QFY19; the operational construct 2.6% QoQ volume growth in services (highest in the last 10 quarters) and USD 1.1bn large deal wins (highest in the last 7 quarters) lends comfort on the outlook. Management commentary was optimistic on pick-up of project activity in troubled verticals such as Retail and US Financial Services, and a healthy deal pipeline. The retention of EBIT margin guidance despite the INR depreciation could disappoint some, but we see that as prudent given the concurrent cross-currency headwind. INFO emphasised it is not linking its planned investments in capability build with the currency movement indicating...