Management's revenue growth guidance of 9.5-11.5% in CC terms in FY19, implies organic growth of 4.25-6.25% is quite disappointing in the face of expected turnaround in the IMS business. We factor revenue CAGR of 11% over FY18-20E owing to healthy deal pipeline, traction in digital business, expected turnaround in IMS business and further investment in IP deals to broaden its product offerings. Given soft organic revenue growth guidance and continued higher inorganic...