estimate: +8% YoY) to INR3404m, and PAT was up 6% YoY (our estimate: 1% YoY) to INR2,662m. EBITDA margin was flat during the quarter at 16.8%, above our estimate of 16.4%, primary due to a 120bp dip in SGA. Gross margin shrank 90bp in the quarter, 120bp miss. HP/DXC channel drove growth in FY19: MPHL's FY19 revenues from HP/DXC channel grew 23% YoY, the key driver of growth. Direct International channel revenues grew 11% YoY in constant currency, of which Direct Core grew 16% YoY in constant currency. Overall Direct International revenues were impacted by decline in Digital Risk....