Call it de-merger pains. While Indian exports grew by about 33%, the software and services business of NIIT Technology could manage a growth of only 8%. It also slipped in the DQ Top 200 ranking from 34 to 41. The company focused on three verticals-BFSI, transportation and retail-which contributed 62% (54% in FY 2003-04) of total revenue and grew at 30% clip. NIIT is among the few Indian companies with major revenues coming from Europe (43% up from 37% in FY 2003-04). In terms of clients, the Top 5 clients together contributed about 36% of revenues while the next 5 contributed an additional 14%. The company closed its account with a book order of $151 mn compared to $122 mn in the comparable previous year. Of this about $72 mn worth of contracts are to be executed in the current fiscal.