Revenue declined 3.5% qoq in USD marginally better than our estimates (-4.2% qoq). Verticals: Manufacturing grew 3.3% qoq. E&U; and Auto declined -13.5% and -4.8% qoq. Geographies: ROW grew 4.4% qoq; America and Europe declined -5.5% and -1.6% qoq. Services: SAP grew 3.0% qoq (after 12.5% decline in last quarter). Enterprise Solutions grew 1.8% qoq. Engineering Services and IES declined by 5.6%/2.6% qoq. EBITDA margins contracted 507bps to 10.7% marginally lower than our expectation of 11%. The margins were impacted by salary hike (-250bps). Net profit at Rs 551mn, was down 41.2% qoq marginally higher than our expectation...