Mindtrees impressive 4QFY16 results overshadowed the market?s pessimism with the managements recent project delay warnings (in BFSI and retail). In line with our estimates, USD revenue stood at US$ 196mn, up 6.1% QoQ (3% organic and 7.1% CC). This was led by higher onsite revenue ( 12.5% QoQ), full integration of Magnet 360 and robust growth in the hi-tech and travel verticals. Mindtree is firing on all cylinders and revenue visibility remains excellent.