Solid Quarter, Deal Wins Strong; Client-Specific Issue A Negative Hexaware recorded solid performance in 4QCY16 with USD revenue up 2.7% QoQ (3.4% in CC terms) to $138.9mn (above our estimate by 1.7%). Insurance & Healthcare (+5.5% QoQ), Manufacturing (+4.1%) and BFS (+3.9%) recorded strong growth, while Travel & Transportation saw 6.4% QoQ decline. Hence, ~87% of revenue saw robust traction. However, despite strong revenue growth and all-time high utilisation (78.6%), 30bps QoQ decline in EBIT margin is disappointing. Net profit rose 9% QoQ, above our estimate by 5.5% led by other income. Deal wins from new clients is a key positive,...