Hexaware's 3.4% qoq CC growth was higher than our expectations, largely driven by a ramp-up in deals won in the previous quarters. Hexaware's revenue grew ~11.5% in CC terms in CY18 and it has guided for 12-14% CC organic growth for CY19. Improvement in revenue growth guidance (from 11-12% in CY18) is due to a bottomingout of client-specific issues and expected ramp-ups of deals won in H2CY18. However, challenges in its Enterprise Solutions service line (~10% of sales) still remain. largely due to wage hikes (60bps) and typical calendar seasonality in Q4CY18. Hexaware's margin-related commentary remained subdued as it expects margins similar to CY18 in CC terms despite an improvement in its growth outlook....