INDIA | IT SERVICES | Q2FY17 Results Preview We expect 2QFY17 to be a lacklustre quarter for Indian IT companies, considering that it is traditionally the strongest quarter for the industry. Sharp cross-currency movement (particularly GBP post Brexit) and client-specific issues will drag revenue growth for almost all companies. We expect large-cap companies to report CC revenue growth of 0.4%-3.3% and 50-100bps negative cross-currency impact. Margins are expected to expand for Infosys and TCS and contract for Wipro (wage hike), HCL Tech (wage hike), and Tech Mahindra (restructuring cost). Management commentary will be of utmost importance in this...