1Q Action Replay: Revenue Below Estimate, Margin Exceeds Estimate KPIT Technologies (KPIT) has delivered a mixed performance in 2QFY19. While its USD revenue grew by 1.3% QoQ to US$152.5mn (1.4% below our estimate), EBITDA margin rose by a robust 147bps QoQ. In CC terms, revenue rose by 2.9% QoQ. While IES (-5.9% QoQ) and SAP (-2.6% QoQ) businesses again pressurised revenue, USD revenue from Product Engineering and Products & Platforms (P&P;) businesses grew by a healthy 5.1% QoQ and 33.7% QoQ, respectively. Notably, P&P; business is lumpy in nature. Beating our estimate by 222bps, EBITDA margin expanded by a robust 147bps QoQ to 13.6% despite wage hike impact of 220bps owing to INR depreciation...