Our optimism stems from the fact that: •NIIT Tech is looking forward to expanding its presence in the international markets (revenue share estimated to increase from 87% in FY15 to 91% in FY17) by acquiring 17 new logos in various verticals to bolster revenue growth and improve its margins. International revenues are expected to grow at a CAGR of 14% to ` 2,734 crores leading to an overall revenue growth of 12% CAGR to ` 2,996 crores by FY17 driven by:  Boost to the Travel and Transportation business which is estimated to grow at a 12% CAGR to `1,195 crores.  Accentuation of revenues from the BFSI vertical to `1,058 crores (2 year CAGR of 17%).  Expansion of business from IMS service line to `578 crores growing at a CAGR of 28%. •The conscious de-focus from government business in India should lead to a sharp improvement in operating margins by 380 bps to 18% while DSO days are also set to improve to 80 days from the current 93 days. • McKinsey expects global spending on digital services to grow from the current 9% to 36% by FY18. Given NIIT Techs thrust on this segment and the acquisition of Incessant (51% stake) augurs well for the company. Besides plugging a vital gap in its service offering the Incessant acquisition is expected to improve new client adds and revenue potential through cross selling. Incessant Technologies revenues (~ $17 Mn in FY15) are estimated to grow at a robust 20% CAGR over FY15-17. Also, it operates at significantly high margins of ~25%. •The company has undertaken a list of new operating initiatives such as:  Identifying ‘Must have Accounts’ and growing top accounts  Reinforcement and changes in key leadership positions  Introduction of new sales incentive policy These measures are expected improve its efficiencies and reduce its employee cost / sales by 140bps to 55.1%.