Maintain BUY with TP of Rs 180, based on 2.0x FY19 EV/rev multiple (~75% discount to Temenos multiple). Intellect Design Arena (INDA) posted muted top-line growth in 1QFY18, but efficient cost management in the last two quarters provided some relief to the cash burn. USD revenue stood at USD 37.4mn (vs our estimate of USD 38mn), up 0.1% QoQ and 21.7% YoY. This cannot be termed as bad, considering 1Q is a seasonally weak quarter and 4Qs base was high. EBITDA margin stood at 6.7%, +44bps QoQ, (second quarter of positive EBITDA), led by lower SG&A; and R&D; expenses. Investment in the business has almost reached the threshold, and revenue growth will lead to margin expansion.