LTI reported qoq revenue growth of 6.1% in CC terms, which came in ahead of our expectation of 3.6%. A continuation in strong growth momentum (3.5/5.1/4.5/8.3% growth in the past four quarters), coupled with healthy margin improvement (up ~400bps yoy in 9MFY19), points to industry-leading growth and margin performance in FY19E. EBIT margin, ex-hedge gains, at 19.1% improved ~10bps qoq, largely on the back of SG&A; optimization (down 40bps qoq). Ruletronics, which LTI acquired recently for USD7.5mn (~2.2x FY18 sales), is a Pega' consulting company, and provides additional growth opportunities in the BPM, CRM, and Process automation space for LTI....