Maintain BUY with a TP of Rs 715, 14x Sep-19E. Persistent (PSYS) delivered strong revenue numbers (4.5% QoQ, with 2.9% organic), while operating performance came in-line with estimates. Revenue at USD 118.1mn included USD 1.9mn (2-month consolidation) from the Parx acquisition. Growth was led by (1) Digital (20.9% of rev) at 12% QoQ (organic), (2) Services (43.7% of rev) at 2.7% QoQ, and (3) Accelerite (8.1% of rev) at 2% QoQ. EBITDA came in at 15.2%, +87bps QoQ, supported by lower SG&A;% (+78bps margin impact) on operational efficiencies.