Maintain BUY with TP of Rs 545, at 22x (20x earlier) Mar-20E EPS. Strong growth visibility and >38% RoIC to support valuations. Hexaware posted in-line (robust) rev and strong operating performance in 2Q. Revenue came at USD 168mn, 4.7/9.9% QoQ/YoY in CC terms. Growth was supported by top-5 accounts (42.4% of rev) which posted its strongest sequential performance in last four qtrs. EBITDA% stood at 15.6%, +10bps QoQ as INR depreciation tailwinds was offset by impact of lower utilisation and visa cost (-51bps QoQ impact).