17 April 2019 FY19 revenue by 5.4% YoY CC, improving gradually through the year and exiting 4Q with 6.9% YoY growth. IT Services EBIT margin expanded 180bp YoY to 17.9%, exiting the year at 19.0% (in line). Net income grew 12.4% to INR90b in FY19 from INR80.1b in the last fiscal. The announcement of INR105b worth of share buyback, combined with INR1/share of interim dividend, pegs its total payout at ~124% of net income. 4QFY19 QoQ CC revenue growth of 1% was at the midpoint of WPROs guided band of 0-2%, and marginally below our estimate of 1.5%. Net income declined 2.4% QoQ to INR24.9b (in line) in the quarter.