KPIT's CC revenue growth guidance of 6-8% for FY18E is disappointing, in our view. Assuming stable currency rates in FY18E, the guidance implies revenue CQGR of just 1-1.5% over 4QFY174QFY18E, which is at odds with management commentary of good visibility for the fiscal. Given the challenging business scenario, with challenges being witnessed in MFG vertical, INR appreciation and disruptive trends like SMAC, which are impacting ERP (>50% of revenue), we...