Subdued Quarter, But Bottom Seems To Have Been Hit eClerx Services (eClerx) has reported another underwhelming performance in 2QFY18 with revenue declining by 0.8% QoQ in USD terms to US$48.4mn (-1.8% QoQ in CC terms). In INR terms, revenue dipped by 0.7% QoQ to Rs3.3bn. On the other hand, EBIT margin contracted by 103bps QoQ to its lowest-ever level of 25.4% owing to poor revenue growth and higher employee cost. However, the company has guided for better performance in 2HFY18E, with revenue growth likely to be achieved on strong pipeline growth (late stage pipeline up 2x YoY) and a toning down of the impact of the ramp downs in some of its top clients, a factor that has...