Mphasis delivered strong performance during the quarter with beat on all parameters. Led by Q3 revenue beat, we now model Mphasis USD revenue to grow by 13.6/15/13.6% for FY19/FY20/21E (vs 12.7/13.1/13.6% modelled earlier). We expect HP channel /Direct Channel Mature markets revenues to grow by 23.1/14% YoY for FY19 and will remain the key growth drivers. However, Mphasis could fall behind other midcap peers on USD revenue growth for FY19. We model Mphasis' EBIT margin at 16.1/16.4/17% for FY19/FY20/FY21E (vs 15.2% in FY18). Our USD/INR assumptions are at...