Hexaware (HEXW) reported a softish operating performance in Q1CY19 with no respite on talent crunch issues. Attrition rose to 18.2% (+120bps QoQ/ 480bps YoY) and subcontracting expenses continued to weigh on margins. Management kept its CY19 guidance unchanged at 12-14% YoY revenue growth with stable operating margins. In our view, margin management remains an uphill task given supply constraints. We trim CY19-CY21 EPS estimates by 1-3%; on rolling valuations over to Mar'21, our target price holds at Rs 370....