Persistent's revenue declined by 0.9% QoQ to US$109mn, which was below our estimate by 2.4%. Despite 4Q being seasonally weaker following a robust quarter in December (due to CY-end of IBM, which contributes 26.5% to revenue), we expected marginal revenue growth. Volumes excluding IP saw a 0.8% QoQ dip, while blended pricing rose by 1.1% QoQ. IP-led volumes rose by 0.8% QoQ, while pricing declined by 4.5% QoQ. Service-wise, continuing its impressive performances over the past several quarters, Enterprise maintained healthy growth with 3.9% QoQ growth in USD terms. Notably, on YoY comparison, growth came in at a strong 27.4%, which suggests continuous investment by clients in digital/SMAC initiatives,...