KPIT posted flat margins and steady revenue growth in 4QFY17 (1.2% organic). An improvement in business mix and increase in offshore utilisation helped offset INR appreciation and MicroFuzzy integration. Growth was led by the Product Engg Services SBU (5.5% QoQ) and Products & Platforms (11.4% QoQ). Unsurprisingly, IES (-2.3% QoQ) and SAP (1.4% QoQ) SBUs struggled.