Strong Traction Continues in ISGN; Debt Repayment is in Line: Revenue declined by 1% QoQ impacted by GBP depreciation: In Q2FY17,FSL recorded revenue at Rs. 8844 Mn compared to Rs.8935 Mn in Q1FY17which is a de-growth of 1.0% QoQ. This is due to GBP depreciation; however the outstanding performance of ISGN business balanced the revenue loss. EBITDAmargins at 12.7% declined by ~ 60bps QoQ.