NITEC reported USD revenue growth (excl. hedge gain) of 2.8% QoQ (CC growth of 3.3%). EBIT margin declined by 205bps QoQ to 12.1% due to negative impact of wage hike. The management is confident about the revenue growth above industry averages led by large deal wins and strong order book; margins are estimated to be better too led by FX tailwind and better rev. growth. We upgrade our earnings led by better revenue & margin visibility helped by INR depreciation. NITEC is trading at fair valuation of 15.1x/12.9x on FY20/FY21 earnings; we upgrade the stock to...