Hexaware's low-double digit organic growth trajectory is sustainable supported by (1) IMS/BPM-led differentiation and wins, (2) Cross-sell opportunities from Mobiquity (3 wins in 2HCY19), (3) Strengthening partner ecosystem (Guidewire, Pega, Adobe, AWS, Backbase), and (4) Increased focus to accelerate NN wins and lower client concentration risks (vs. earlier). The risk of intermittent volatility in large accounts is lower now (T10 lowered from 57% of rev to 43% over the past 3 yrs). Expect USD rev/EPS growth at 13.5/12.0% CAGR over CY19-21E. We maintain BUY on Hexaware post its in-line revenue performance. EPS cut (~4%) on margins reset (-60bps). IMS/BPM differentiation/growth leadership, Mobiquity downstream, increased focus on NN wins and strengthening partner ecosystem to support 13.5/12% rev/EPS CAGR. Our TP of Rs 430 is based on 16x Dec-21E EPS (3-5yr avg at 16.5x).