Brexit and deal wins dampen recovery process: Revenue disappointment continues: NITEC’s revenue declined by 2.8% QoQ to USD99m v/s expectation of 1.1% growth. This was led by seasonality in GIS, declining revenue in the Travel vertical and contraction in NITL, which it attributed to decision making delays caused by uncertainties surrounding the Brexit referendum.Adjusting for the 1Q disappointment and the fact that sustenance/expansion of margins should be a function of revival of revenue growth, Motilal Oswal cut their earnings by 8.8/5.4% for FY17/18E; thus lowering the target price to INR530. Neutral.Trendlyne has 9 reports on NIITTECH updated in the last year from 4 brokers with an average target of Rs 593.8. Brokers have a rating for NIITTECH with 1 price downgrade and 3 price upgrades in past 6 months.