USD revenue at $1,032mn (+0.9% qoq) inline with street but higher than our expectation (+0.1% qoq). Positive cross currency impact of 50bps. EBITDA Margins at 14.9% - decline of 185bps qoq significantly below our and street expectations of 15.8%. Margins were impacted by visa cost (-100bps) and seasonally weak Comviva business (-180bps) partly negated by operational efficiencies. Margins have now fallen by 530bps over the last six quarters. Geographies: US grew 5.6% qoq while Europe remained flat. RoW declined by -7% qoq. Verticals: Telecom continued to be weak declining by -2.5% qoq. BFSI grew 7.5% qoq,...