NITEC reported muted Q4FY19 results, which were lower than our earnings estimate by 9.4%, due to a decline in the GIS business. This occurred despite Q4 being seasonally strong quarter for GIS. The company signed two large deals in the quarter and is confident of the deal momentum in the future. We believe with a healthy deal inflow and digital capabilities, NITEC will sustain revenue growth QoQ and is likely to report USD revenue growth of 14%/11% in FY20E/FY21E, respectively. Despite divestment of the GIS business, which was initiated in Q4FY19, NITEC maintained the...