Operating margins improved to 29.9%, +661bp qoq (eClerx operating margin at 31% and CLX operating margin at 19%), which mitigated the impact of wage hike during the quarter (10% domestic and 4% onsite). PAT stood at Rs734mn, supported by higher forex gains, favourable currency (+220bp margin impact), margin improvement on lower SG&A; and change in amortization policy (+100bp impact on EBIT margin). With CLX's G&A; as % of revenue similar to organic levels and most of the investments in sales & accounts management in place, we've factored G&A; expense at 12.7%/12.6% of revenue for FY16E/17E and S&D; expense at 15.3%/15% of revenue for FY16E/17E,...