Hexaware Technologies (HEXW) recorded a strong 2QCY19, with revenue up 4.7% QoQ (5% QoQ in CC terms) to US$188.5mn. Adjusted for 15 day revenue impact for Mobiquity (acquired in Jun'19), USD revenue rose 2.8% QoQ, while CC revenue rose >3% QoQ. Growth components include volume growth of 3.9% QoQ and higher billing days of 1.1% QoQ, totalling 5% CC growth, while there was an adverse currency impact of 0.3% QoQ. Owing to healthy revenue growth, lower visa cost, improved billing rate, favourable delivery-mix, higher utilisation and cost efficiencies, EBIT margin rose 87bps QoQ to 14.6% (154bps above our estimate). Aided by higher margin, other income and lower tax rate, adjusted net profit surged by 21.5% QoQ with...