Q3FY19 consolidated revenue (-2.2% QoQ in US$) was in-line with our forecast. However, services revenue decline of 1% QoQ was a miss. While EBIT margin improvement of +100bps QoQ to 14.7% was a beat to our forecast, EPS (-28% QoQ) was a miss impacted by FX loss and no export incentives. CYL has cut its FY19 services revenue growth guidance to 8.5%-9.5% in CC vs. doubledigit growth earlier and now expects consolidated EBITDA margin to remain flat YoY vs. +50bps earlier mainly on account of recent INR appreciation. CYL confirmed that the board would reconsider share buyback in the next few weeks itself. We cut our consolidated revenue forecast for FY19/20 by 2%/5.6% and EPS by...