Revenue grew 17% YoY (our +30% YoY) to INR1,104m, while PAT declined 2% YoY to INR565m (1.5% miss). CC revenue growth of 4.5% QoQ (+17.6% YoY) was above our estimate 22 January 2019 of 3.2%. Excluding revenues from the full-quarter integration of IndigoSlate, revenue growth stood at 2.3%, implying that the beat to our estimate came from 59% QoQ growth in the acquired entity. For 9MFY19, USD revenue/EBITDA/PAT grew 17%/30%/39.5% YoY. 210bp QoQ to 10.6%, well below our estimate of 13.3%. Management attributed this to (i) transition costs in large deals (~120bp), (ii) furloughs (~50bp), (iii) margins contraction in non-core business (~40bp) and (iv) lower utilization (~50bp), partly offset by gain from INR depreciation. While management expects margins in the core business to revert to 15%, we are conservative in our estimates and expect overall EBITDA margin of 12.