After remaining in double digit for around two years, WPRO's BFSI revenue growth decelerated sharply to 5.9% YoY CC owing to the completion of some large programs and the weakness in capital markets (in the US and Europe). Apart from this, HPS in healthcare remained another pocket of concern and is built in the company's revenue growth guidance of 0.8%-2.8% QoQ for 3QFY20. In dollar terms, revenue increased by 0.5% QoQ, implying a cross-currency IT Services EBIT margin shrank 30bp QoQ to 18.1%, 60bp below our estimate of PAT grew 12% YoY to INR25.6b a 14.4 % beat due to higher revenue in product business and lower ETR (18.3% vs. Weakness is more in Europe than in US, and more on Growth in healthcare vertical is coming, barring HPS; WPRO is recording good wins in digital.