TECHM posted US$1,023mn revenue up 0.8% qoq (1.3% qoq in cc terms) in 4QFY16 v/ s1.2% qoq in 3QFY16). Growth continued to be largely led by Enterprise Division which grew 1.6% qoq while Communications Division was flat (LCC decline mitigated by favourable seasonality of Comviva in 4Q). LCC's annual revenue rate has declined to US$320mn as compared to US$400mn a year ago and the Management expects the trend to troughout from the current level. Its Management also highlighted improving business traction in Communication Division (ex-LCC). We expect this segment to post positive growth, going forward compared to negative single-digit growth in FY16 (strong non-network deal pipeline in Communications Division). Enterprise Division grew by 12.7% in cc terms in FY16 supported...