Revenue decline led by multiple factors: KPIT's 1QFY17 revenue of USD120m (-3.5% QoQ) came in line with our estimate, post management's guidance of a weak quarter. The revenue decline was led by aggravated weakness at its top client (-12% QoQ), pressure in Product Engineering and Energy verticals, and ERP implementation. The revenue decline, along with wage hikes and investments, resulted in a margin decline of 550bp QoQ to 10.7%. Growth recovery not imminent: Revenue growth recovery in FY17 appears difficult, especially with the Product Engineering business under pressure....