MindTree Ltd (MindTree) reported a weak Q1FY20 performance. The company reported 0.8% QoQ growth in dollar revenues to $264.2 million vs. our expectation of $265.9 million. Margins declined from 15.0% in Q4FY19 to 10.0% (below our estimate of 14.4%) in Q1FY20 mainly due to one-time special compensation (impacting margins by 260 bps), wage hike (190 bps), visa cost (30 bps) and currency (40 bps) partly offset by 150 bps benefit arising from implementation of IndAS-116. Even adjusting for one-time...