Traditional impresses but other segments subdued: Performance was steady in the first quarter of the year, with consol. EBITDA growth of 10% QoQ to INR7.6b (20% beat) on a pre-Ind-AS 116 basis (at INR8.3b on postInd-AS 116 basis). Traditional segment (part of Data) impressed, with sequential EBITDA growth of 15% and margin improvement of 490bp (36.2% v/s management guidance of ~30%). As a result, Data EBITDA grew 19% QoQ to INR6.7b. However, the quarter was also characterized by the dismal performances of the small but promising segments of Growth (EBITDA down 50% QoQ), Innovation (loss of INR1.4b) and Transformation (-24% QoQ)....