Infosys reported mixed results with revenues above our expectations and a margin miss. Constant currency (CC) revenues grew 2.7% QoQ (vs. our estimate of 2.2% QoQ) led by BFSI, energy & utilities and manufacturing. US$ revenues grew 2.3% QoQ to $2,987 million Reported EBIT margins fell 120 bps QoQ to 22.6%. However, adjusting for 40 bps one-time impact of Panaya and Skava, EBIT margins declined 70 bps QoQ to 23% led by a dip in utilisation, onsite mix (-80 bps), compensation (-30 bps), investments in sales (30 bps) and acquisition impact (-20 bps). This was partly offset by...