Maintain NEUTRAL with a TP of Rs 140, 10x Sep-19E EPS (9x earlier). KPIT Tech posted a strong beat on revenue and margins in 2Q. Revenue came in at USD 142mn, 5.7% QoQ based on 4.3% QoQ CC. EBITDA% came in at 9.9%, +72bps QoQ. This was supplemented by utilisation/productivity improvement and realisation increase, which mitigated the impact of wage hike (-180bps margin impact).