17.6% YoY to USD567m, EBITDA increased 30% YoY to INR4,766m (margin of 12%) and PAT rose 31.8% YoY to INR 3,137m. Organic revenue growth was ~9% in USD terms and in double-digit on factoring in the RoW 2 May 2019 discontinuation and the impact from cross currencies. ZENT announced a total dividend of INR2.8/share for FY19, which implies a payout ratio of 20%. 4QFY19 revenue increased 19% YoY (above our estimate of +15% YoY) to USD150m, with 50% of incremental revenue coming from strong QoQ growth in the acquired entities. EBITDA margin expanded 160bp QoQ (our outperformance here was driven by higher operational income and other income (INR279m v/s our estimate of INR156m). While growth in FY19 (organically) was driven by Hi-tech and Insurance verticals, Manufacturing should add to it in FY20. Retail should take another couple of quarters before returning to sustained growth. ZENTs EBITDA margin in the core business is 14.1% (93.