Majesco posted a muted 2QFY17, with revenue down 4.6% QoQ in USD terms (US$ 31.0mn vs. our estimate of US$ 32.9mn), led by slowdown in top- client. Encouraging part was robust 13.8% QoQ growth in TTM deal wins (US$ 173.9mn) and gross margin expansion ( 441 bps). IBM partnership for developing new cognitive applications on Watson is promising and will start yielding results from 4QFY17E.