NIIT Ltd 2QFY18 results came below our expectation largely due to sharp de growth in SLG and S&C; segment of 49% and 21% YoY respectively. CLG reported growth of 10% YoY (14% YoY in CC Terms) in line with our expectation. SLG segment degrew mainly on account of planned ramp down of government business and lower than expected revenue from IP led business which contributes 73% of SLG revenue. S&C; de growth was predominantly due to changes in spending pattern of Indian banking sector, though management remains confident of pikup in revenue from 3Q onwards. EBITDA margins too were below...