EBIT margin of 16.4% (-20bp QoQ) came in below our estimate of 17.2% due to pressure in Digital Risk and costs associated with ramp-up of new deals. PAT of INR2.7b (+5% QoQ) was in line with our estimate; miss on operating margins was made up for by higher other income. Growth in 2Q at 14.8% YoY CC was strong, driven by the HP channel (+25% YoY CC) and Direct Core (+14% YoY CC). Digital Risk, however, continued exhibiting weakness, pulling Direct International growth lower (10% YoY CC). Business mix continued improving, as New-Gen Services grew 48% YoY to form 46% of Direct Core. Continued momentum in HP and sustenance of mid-teen growth in Direct Core are expected to keep growth buoyant. Deal wins of USD210m of which 77% was from New-Gen Services reinforces momentum. On profitability, MPHL effective 3QFY19 and [2] Fully hedged net exposures imply no gains from weak INR.