Concerns remain on the lower margin guidance despite FX tailwinds USD revenue grew 0.9% QoQ in line with our estimates; 2.3% QoQ in CC terms. EBIT margin declined 104bps QoQ at 23.7% due to negative impact of wage hike and visa cost. INFO maintained its revenue guidance to 6%8% (CC terms) which translates into a CAGR of 0.3%-1.5% over three quarters. The management has also maintained its EBIT margin guidance in the range of 22%-24% for FY19 despite the positive impact of INR depreciation. We upgrade our earnings estimates by 1.4%/3.2% for FY20/FY21 mainly because of INR depreciation; our estimates remain same...