Revenue growth is expected to drop to 8.8% in FY16E (against our earlier expectation of 11.4%) with an expected recovery to 12.5% in FY17E (against our earlier expectation of 11.0%). The drop in growth rates in FY16E is expected to be led by drop in LATAM growth rates to 14.2% and negative growth of 2% in EU region. North America though is expected to grow at 8%. The growth rates in these regions are the most significant deviations from the levels expected in our initiating coverage. Expected growth rate deviations in these regions are: EU -900 bps, LATAM -580 bps and North America +300 bps. RoW and India are still expected to deliver the same growth levels. FY17E is expected to benefit from the base effect of FY16E especially so in LATAM followed by EU leading to a recovery in revenue growth in FY17E.