ICICI Securities Ltd | Retail Equity Research In Q1FY17, TCS reported better quarterly earnings as margins were above our estimates. US$ revenues grew 3.7% QoQ to $4,362 million vs. our 3.6% growth, $4,358.5 million estimate Constant currency revenues grew 3.1% QoQ led by volumes (3.4% QoQ) partly offset by a drop in realisations (~30 bps) At 25.1%, EBIT margins declined ~100 bps QoQ weighed by wage hike (-200 bps), currency headwind (-20 bps) partly offset by...