Hexaware's revenue performance was in-line with our estimates. Despite the decline in its top client by 6.5% QoQ, USD revenue grew 3.1% QoQ at $125.1mn. This was largely led by a strong volume growth of 3.0% QoQ while blended pricing increased 0.5% QoQ. EBITDA margin improvement of 71bps QoQ was more of a surprise as the company had wage hike impact in the quarter.