TECHM's Q2FY19 revenue growth of 0.4% QoQ in CC (-0.5% in US$) was lower than our forecast of +1.5%. However, EBIT margin of 15.3%, +230bps QoQ beat our forecast of +120bps QoQ. EPS of Rs12, +18.5%/+26.4% QoQ/YoY also beat our forecast. Communications vertical (41.5% of revenue) is back on the growth path with 4.3% QoQ (in US$) uptick. However, this was offset by a 3.6% QoQ decline in the Enterprise business (58.5% of revenue). However, TECHM allayed any concerns and has maintained 8-10% YoY growth in CC for the Enterprise business for FY19. We factor Q2FY19 revenue miss & EBIT margin beat and FX rate of Rs70, vs. Rs68...