Mindtree reported revenue growth of 1.9% in c/c and 1.2% in reported terms, in line with our expectations. Growth was driven by the top account which grew 8.6% sequentially. Ex-top account revenues would have declined 1.1% QoQ. Its top client added US$5.5 mn to incremental revenues offsetting US$2.3 mn decline in the rest of the firm. EBIT margin was in line with our estimates of 12.5%. Active clients have shown a decline to 307 from 320 in Q3FY20 & 343 in Q2FY20, this highlights rationalization of tail accounts. We give credit to the new management on margin expansion, but we find...