Increase earnings est on margin reset and maintain NEUTRAL of KPIT with TP of Rs 250, 13x FY20E (12x earlier). KPIT Tech (KPIT) posted strong revenue and operating performance. Rev came at USD 150mn, 6.4/17.1% QoQ/YoY. Growth was led by PES (36.3% of rev) which grew 12% QoQ. EBITDA% came at 12.7%, +186bps QoQ (adjusted for one-time expense of Rs 129mn) supported by offshore-led growth. APAT at Rs 0.76bn was supported by lower ETR.