16 January 2019 MTCLs 3QFY19 revenue grew 2.4% QoQ in constant currency (18.6% YoY CC), in line with our estimate of +2.6% QoQ. EBITDA margin expanded 50bp QoQ to 15.9%, marginally higher than our estimate of 15.4%. PAT was down 7.3% QoQ to INR1,912m, as against our estimate of a 28% QoQ decline, primarily due to lower ETR (14% v/s our estimate of 26.5%, adjusting for which, PAT was INR1722m) triggered by the reversal of INR190m under the Scheme of Amalgamation post Magnet360s merger into the company. For 9MFY19, revenue grew 19.7% YoY CC, while EBITDA/PAT increased 55.3%/68% YoY. MTCL cited that it expects 4Q revenue growth to come in marginally better than that in 3Q. A 3% QoQ CC revenue growth would imply YoY CC growth of 17% and FY19 CC growth of 19%.