eClerx posted a strong quarter buoyed by billing of large number of shorter duration projects in 2Q and on operational improvement (S&D; decline on lower bonus provision & travel). While 2HFY16E is expected to be weaker than 1H, we believe that the margin proficiency of eClerx is likely to be maintained at ~30%. We expect FY15-18E EPS CAGR of 19% based on 1) emerging accounts-led growth,...