24 October 2018 ZENTs 4.1% QoQ CC growth was marginally below our estimate of +4.5%. Excluding the contribution of Indigo Slate (USD4m), organic growth of ~1.8% QoQ CC was lower than expected. EBITDA margin shrank by just 20bp QoQ to 12.7% (80bp beat), primarily led by improved margins at IMS. PAT of INR934m grew 14% QoQ, marginally below our estimate of +16%, primarily because of the slight revenue miss. Organic growth in the quarter was impacted by project closures in Retail (-8.7% QoQ CC). Apart from this, strategy execution grew by 7% QoQ CC and now constitutes 44% of total revenue. continued gaining momentum post the recent restructuring. Growth stood at 20% YoY in 2QFY19 (as against -2% YoY in 2QFY18). showed strength, with the top 5/6-10 growing by 26/19% YoY. at USD290m in 1HFY19 continued improving; the pipeline at >USD800m is the highest-ever.