NIIT Technologies came out with stable set of numbers, mostly in line with our estimates except some one-offs. Consolidated revenue for Q1FY20 came at Rs 9,627mn, broadly in line with our estimate of Rs 9,752mn, registering 16.7% YoY growth, while on QoQ basis in Constant Currency terms, revenue growth excluding GIS business was 4%. Reported EBITDA grew 5.3% YoY to Rs 1,385mn, while EBITDA margin contracted by 155bps YoY to 14.4% against 15.9% YoY due to some one-off expenses. Adjusting for one-offs margin stood at 17.1% against our estimate of 16% for the quarter....