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US$ revenues declined 2.3% QoQ to $160.8 million and were below our $162.8 million and 1.1% QoQ decline estimate Revenues in rupees grew 1.7% QoQ to Rs 1080.0 crore, below our Rs 1090.6 crore estimate EBITDA margins declined sharply by 190 bps QoQ to 12.2% and were way below our 10 bps decline and 14% estimate. Margin decline was mainly due to lower offshore mix and a decline in utilisation ( 120 bps impact) and partial wage hike ( 70 bps impact) Reported PAT of Rs 82.5 crore was below our Rs 111.9 crore estimate on account of operating performance being below our expectations and polipo uterino. a higher than expected tax rate (27.2% as percentage of PBT vs. Our estimate of 24%) and lower than expected other income..
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