Revenues from recruitment business (Naukri) grew at a slower pace at 13.1% YoY (average 18% in last six quarters) while billings growth slowed down to single digits (8.5% YoY). Billings were impacted by ongoing weakness in non-IT segments (spreading to sectors like FMCG, travel, retail) and markets like Mumbai & Delhi getting impacted more than Q2. Further, slowdown in hiring in IT segments has played in lower growth in billings. The pressure is anticipated to be there in the near term and lead us to slightly tweak our revenue estimates for the segment for FY20E. Hence, we expect...