a USD2m license sale from previous quarter. 13.7% YoY growth in 1HFY18 (~10% organic) puts KPIT on a strong footing after flat revenue in FY17. Margin improvement despite wage hikes: EBITDA margin at 9.9% was up 80bp QoQ, and above our estimate of 8.5%. Expansion was seen despite a wage hike and comes as a positive, especially after multiple quarters of disappointment. The 180-200bp negative impact of salaries was more than offset by [1] strong revenue growth, [2] absorption of freshers, [3] higher utilization (+140bp on offshore and +300bp on onsite), and [4] operational...