Maintain BUY with a TP of Rs 540, based on 1.8x FY19E EV/revenue multiple Majesco posted weak numbers in 1QFY18. Revenue declined 0.8% QoQ to USD 27.9mn vs. our estimate of USD 28.9mn. This was the fourth consecutive quarter of decline in revenue, and was led by shift in client preferences (on-premise to cloud), low revenue from cloud deals initially (will ramp-up later) and client-specific issues (L&A;). We believe these issues are a thing of the past, and recovery will commence from 2QFY18.