WPRO has guided for Q4FY19 IT services revenue growth of 0% to 2% which is a miss. We factor Q3FY19 result & lower revenue growth for Q4FY19 and cut our FY19/20 revenue growth (US$) forecast by -0.8%/-3.2%. However, we increase our EPS forecast for FY19/20 by 5.1%/6.5% now forecasting a CAGR of 10.8% over FY18-20E. We maintain REDUCE with new TP of Rs304 based on PER of 14x FY20E. Key Highlights and Investment Rationale Q3FY19 IT services revenue growth of 2.4% QoQ in CC within the guidance WPRO had guided for a CC growth of 1% to 3%, excluding the India government &...