1QCY19 CC revenue grew 2.0% QoQ, in line with our estimate of +2.2%. GPM declined 140bp QoQ to 30.2%, a new low (120bp miss), led by higher sub-contracting costs. But 100bp cut in SGA helped contain EBITDA margin (excluding ESOP) miss to 50bp at 15.3% v/s estimate of 15.8%. PAT 24 April 2019 declined 12.2% QoQ to INR1,385m, below our estimate of INR1,441m (+16.8% QoQ) due to lower operational income and forex losses (-INR81m v/s our estimate of +INR14m). This was partially offset by lower ETR (18.4% v/s expectation of 20.5%).