Maintain BUY with TP of Rs 1,300, 20x FY20E-EPS supported by 19% EPS CAGR over FY18-20E and strong payout. Mphasis posted a strong quarter (largely in-line with est) with revenue at USD 269mn, 1.7/16.4% QoQ/YoY (2.9/16.2% in CC terms). Direct Core (53.9% of rev) and HP/DXC channel (27.4% of rev) led the growth at 4.2% QoQ and 4.5% QoQ in CC terms, respectively. EBIT% came at 16.6%, -16bps QoQ (15.8% est) supported by 87bps QoQ gross margin increase (increase in FP-contract, automation). APAT stood at Rs 2.58bn supported by lower ETR.