Maintain a BUY with a TP of Rs 930 based on 13x Sep-19 EPS. Zensar delivered a fine performance in 2Q. Revenue stood at USD 118.6mn (+3.8%, +3.3% CC), in-line with our estimate of USD 118.0mn. Growth was led by AMS (83% of rev, +5.8% QoQ), offset by weakness in IMS (-5.2% QoQ). IMS restructuring is taking longer-than-expected, and will be completed by FY18E. EBITDA margin expansion of 151bps at 11.8% (vs. estimate of 9.9%), despite a wage hike (-150 bps impact) and IMS weakness, was a positive surprise.