25 April 2018 For FY19, CC revenue grew 10.1% YoY contributed by Services (88% of revenue) growth of 7.6% YoY CC and DLM growth 29.3% YoY (13% organic), EBITDA increased 17.3% YoY and net income rose 14% YoY. Including INR2b worth of buyback, the payout for FY19 stood at 82% of net profit. For 4QFY19, revenue was flat YoY (our INR1.25b). EBITDA margin expanded 30bp QoQ to 15.1%, in line with our estimate of 15.3%. EBITDA margin in Services was at 16.4% and in DLM at 4.1%. Significant net income beat was driven by INR521m of other income, which came outside forex and cash yield.