Our $ revenue for the quarter stood at $152.54 Million, a Q-o-Q growth of 1.3% and Y-o-Y growth of 7.6%. In Rs. terms, revenue grew by 6.4% Q-o-Q and 17.8% Y-o-Y to Rs. 10,788.69 Million.
Amongst SBUs, there was a significant 5.1% Q-o-Q growth in PES SBU while P&P SBU grew by 33.7% sequentially. DT SBU also registered Q-o-Q growth of 1.7%.
However, IES and SAP SBU declined sequentially by 6% and 2.6% respectively.
Among geographies, Europe registered Q-o-Q growth of 15.5% while US & APAC declined by 1% and 6.8% respectively.
In terms of industry verticals, there was a sequential growth of 4.1% in Automotive vertical whereas Energy & Utilities vertical declined by 0.2% and Manufacturing vertical declined by 6.9% on a Q-o-Q basis.
The 20 top strategic accounts constituted 52.7% of the total revenues and grew by 1.8%. Similarly, the 40 top strategic accounts constituted 64.9% of the revenues and had a Q-o-Q growth of 1.1%.
*All the revenue growth numbers mentioned under revenue update are in equivalent $ terms.
The realized rate for the quarter was Rs. 70.73/$ against Rs. 67.35/$ in Q1 FY19.
The operating margins for the quarter were 15.18% as against the reported margins of 13.59%. During the quarter there was an impact of wage hikes to the tune of around 220 bps. The increase in operating margins from 13.2% last quarter to 15.2% this quarter was mainly because of operational efficiencies and better revenue mix which led to an increase of around 300 bps. The rupee depreciation this quarter as compared to last quarter on an average realized rate basis was around 5% which aided the margins by around 120 bps.
The other income was lower by Rs. 92 Million which is a cumulative effect of translation of foreign currency denominated assets and liabilities, the realized gain on debtors and the realized loss on forward contracts, among other factors. The depreciation was higher by Rs. 97 Million, mainly on account of full capitalization of new building at MIDC Phase III, in Pune.