Mphasis (MPHL) reported largely in-line Q4FY19 revenues on the back of growth in direct channel and Digital Risk income, whereas the DXC/HP channel was soft. Hedging losses versus our estimate of gains led to belowexpected EBIT margins of 15.8%, flat QoQ. Management is targeting aboveindustry growth in the direct core business and industry-level growth in DXC/ HP. The guided EBIT margin range remains at 15-17%. We see scope for...