KPIT reported a weak set of quarterly earnings in Q1FY17 : US$ revenues declined 3.52% QoQ to $119.8 million marginally below our 4% QoQ growth and $119.2 million estimate. In rupees terms, revenues de-grew 4.5% QoQ to | 803.2 crore and was mainly in line with our estimate of 5.2% QoQ de-growth and | 797 crore .EBITDA margins declined 583 bps QoQ to 10.7%, below our 220 bps decline and 13.5% estimate mainly on account of wage hike (~250 bps impact) and currency headwind (~25 bps impact) .Reported PAT of | 55 crore was below our estimate of | 71.4 crore led by a margin miss. ICICI Securities Limited now value the stock at 10x FY18E EPS estimate of | 14.2 and lower target price to | 142 and maintain our HOLD rating.Trendlyne has 18 reports on KPIT updated in the last year from 6 brokers with an average target of Rs 158.8. Brokers have a rating for KPIT with 2 downgrades,5 price downgrades,5 price upgrades in past 6 months and 6 price downgrades,6 price upgrades in past 1 Year.