TCS reported 3.0% QoQ growth in USD revenues at $4,156mn, below our as well as consensus estimates. CC revenue growth came in at +3.9% QoQ led by strong volume growth of 4.9% while change in business mix and higher number of working days resulted in negative impact of 1.0% QoQ on price realization. EBITDA margin improved 78bps QoQ to 28.8% largely due to the INR depreciation. We resume coverage on the stock with Hold rating with our Target Price at Rs 2,815 (20xFY17E earnings).