Americas revenue grew by 6.5% in CC terms in Q4FY18 supported by strong performance of USA (up 8.4%) and Mexico (up 17.2%). EBITDA margin contracted by ~107 bps YoY to 18.5% as strong 240 bps YoY expansion in EBITDA margin in Americas region was marred by 60 bps decline in EBITDA margin in EAP and weak operating performance in Europe. We lower our revenue and adj.PAT estimates for FY19E/20E by 5%/6% and 11%/14% to factor in weak India sales and delay in rebound of European performance. However, we remain positive on the stock on the back of expected recovery in India...