NIIT Tech (NITEC) stayed on the growth curve with a 2.8% (JMFe) QoQ USD revenue growth in 1QFY19; adjusted for incremental impact from the on-going ramp-down in Morris, a Top10 client, and seasonal decline in the GIS business, we estimate a 7%+ QoQ growth in the core business, strongest in the last 5-years. The growth construct was solid quarterly order booking was the highest ever (c.18% YoY on a TTM basis) and headcount addition was strong (7%+ over the last 2 quarters). The incremental growth profile is also margin accretive; EBITDA margin (ex-hedge gains) was a tad above estimates and up 264bps YoY. We believe the turnaround at NITEC is firmly on track and with the Morris-induced drag...