Revenue above Industry Avg. coupled with margin improvement KPIT reported muted Q1FY19 with a USD revenue growth of 0.2% QoQ supported by services business. EBIT margin improved 74bps QoQ to 9.4% (DCMe: 9.5%) largely on back of operational efficiencies and INR depreciation. The stock is currently trading at inexpensive valuations 13.6x/11.3x FY20/FY21 earnings estimates. We believe revenue growth above industry avg., coupled with margin improvement will lead to absolute upside in near to medium term; upgrade the stock to ACCUMULATE...