Maintain BUY with TP of Rs 560, at 22x Sep-20E EPS. Growth acceleration and >38% RoIC to support valuations. Hexaware posted lower than estimated revenue performance (furlough/ delayed ramp-up impact) and better operating performance (utilisation/offshore) in 3Q with continuity in IMS/BPM-led growth. Guidance cut to factor 3Q miss with revised rev guidance for CY18 at 11 to 12% YoY (12 to 13% earlier).