In line with our estimate, KPIT's revenue declined 3.5% qoq to US$119.8mn. While volume remained flat sequentially, blended pricing saw 3.1% qoq decline. On a yoy basis, blended pricing dipped 2% marking the 9th successive quarter of yoy decline. Delivery-wise, this is the 9th successive quarter of yoy pricing decline offshore and 11th successive quarter onsite. Pressure is severe particularly offshore, with billing rates down 8-10% yoy in each of the past 4 quarters clearly reflecting the struggles that KPIT is facing on this front, owing to challenges being faced by its top clients, IT...