Infosys reported 2.7% qoq revenue growth in CC terms in Q3 (2.4% on an organic basis), ahead of our estimate of 1.5% CC growth, and raised the upper end of its 6-8% CC growth guidance (provided at the start of the year) by 50-100bps to 8.5-9.0% for FY19. Adjusted operating margins stood at 22.9%, down 80bps qoq (reported OPM down 110bps qoq), largely on account of attrition-led compensation increases (-30bps), drop in utilization...