EBITDA margins to increase due to growing international business and reducing dependence on government engagements: Revenues from NIIT's Government business has declined 48% and Government business now contributes only 3% of the overall revenue mix. We believe the company will be able to post revenue growth of 14% CAGR over FY15-17E and the EBITDA margins to increase by 110 bps on change in revenue mix on account of increasing share of international business and decreasing focus on government business.