KPIT's USD revenue declined 0.5% qoq to US$122.8mn (below our estimate by 1%) in 3QFY17. Adjusted CC revenue rose by 0.65% qoq, after factoring in divestment of its functional safety business. Core volumes rose by 1% qoq, even as blended pricing declined 1% qoq. On yoy basis, blended pricing dipped by 8.8%. This is the 11th successive quarter of yoy decline in blended pricing. Pressure remains severe particularly offshore, with billing rates down 7-10% yoy in each of the last 6 quarters. This reflects the struggles that KPIT is facin g on this front, owing to the challenges faced by its top clients, IT budget cuts and subsequent demands for...