18 July 2018 business looked complete, with strong revenue momentum driving USD revenue growth of 20.7% YoY compared to +0.6% four quarters back. 1QFY19 revenue of USD242m was ahead of our estimate of USD235m, and grew as much as 8.2% QoQ CC. EBITDA margin contracted 200bp QoQ to 14.1%, slightly below our estimate of +14.5%. However, excluding USD1.5m endowment toward the Stanford University, EBITDA margin would be 60bp higher (at 14.7%). PAT declined 7% QoQ to INR1,582m, 4% below our estimate, primarily because of lower other income. As has been the trend over the past few years, the top customer contributed 43% of incremental revenue during the quarter, and now accounts for 19.4% of revenues. YoY growth in the account is 53%.