We've factored in USD revenue growth of 10.5/8.4% for FY18/19E, implying 1.1/2.6% CQGR for the same period. Expect EBITDA% to decline in 2Q, and subsequently improve (factored 9.8/11.6% for FY18/19E). Maintain NEUTRAL with a TP of Rs 125, 9x FY19E. KPIT reported steady revenue growth (3.5% CC) and in-line operating performance (-100bps QoQ to 9.1% EBITDA). Revenue of USD 134mn, 4.8% QoQ was supported by USD 2mn non-recurring license revenue (+1.6% revenue impact). IES, Product Engineering Services and Product & Platform led growth among SBUs.