Hexaware's low-double digit' organic growth trajectory is sustainable supported by (1) IMS/BPM and ADM service-lines, (2) Cross-sell opportunities from Mobiquity and (3) Strengthening Guidewire, Pega and Adobe partnership. While concerns around BFS (large account) persist, improved offerings in the vertical (Backbase, AWS) will support growth. We build USD rev/EPS of 15/13% CAGR over CY18-21E factoring USD rev growth at 17.1/15.7/12.1% and EBITDA% at 15.1/15.3/15.6% for CY19/20/21E, respectively. Key risks include escalation in client specific challenges (BFS) and low NN wins. We maintain BUY on Hexaware post its better operating performance (vs. est) in 3Q. Revenue cut (~3%) factoring slower organic growth (Mobiquity to support growth) is offset by margin increase. Our TP of Rs 445, valued at 16x Sep-21E EPS.