EBITDA margin declined by 64bps QoQ to 16.2% mainly on account of lower bill rate and higher ESOP & visa charges. However higher utilisation (190bps QoQ to 80.8%) partially supported the margin. Management has raised CY2017 revenue growth guidance to 14-15% in USD terms from 10-12% earlier, implying a soft H2CY17 amid weakness in two large clients. We expect revenue to grow at 10% CAGR over CY16-18E owing to strong momentum in deal wins and traction in BFS, IMS and BPS verticals. However, we reduce our EBITDA margin estimate for CY18E to 16.1% (16.4% earlier) as...