Headline consolidated revenue/EBITDA grew 5%/34% QoQ to INR42.7b/INR8.4b, led by strong growth in the data business, partly offset by voice. Adjusting for one-offs, key growth levers data revenue/EBITDA grew 5%/4%. Yet, weak voice 31 January 2019 business offset consolidated revenue/EBITDA growth of 3%/flat QoQ to INR41.8b/INR6.3b. (1) Traditional services FY20 EBITDA margin to be in the range of 29-30%, (2) Growth services deal pipeline grew 85% to USD619m, indicating robust growth going forward and turning EBITDA positive in 4QFY19, (3) TTSLs Enterprise business deal could fructify in 2-4 quarters, post conclusion of the Bharti-TTSL transaction. EBITDA/data EBITDA CAGR over FY19- 21 on healthy order pipeline in Growth & Innovation (G&I;) services, which is partly offset by higher investments in the G&I; services segment and margin pressure in the traditional segment. We rollover estimates to FY21E, deriving a target price (SOTP-basis) of INR630 (prior INR670) ascribing 6x/3x on FY21E Data/Voice EBITDA and INR176 to the land bank (likely to be hived off in the ensuing quarters).