24 July 2018 HEXWs 2QCY18 CC revenue growth of 9.9% was in line with our estimate (dollar revenue grew 3.8% QoQ to USD168.3m v/s our estimate of USD169m). However, EBITDA margin came in flattish at 15.6% (+10bp QoQ; est. of 16.5%), despite revenue traction and a weaker INR. The impact came from a higher base (one-time 100bp gain from a project) not called out by management back then. PAT grew 25% YoY (14% QoQ) to INR1,534m (est. of INR1,497m), led by higher other income and waiver of ~USD0.4m quarterly liability. HEXW upped its dollar revenue growth guidance to 12-13% (from 10-12%), implying an ask rate of 2.6-3.8%.