We increase our EV/revenue multiple to 2.0x (earlier 1.8x), based on better visibility and maintain BUY with a TP of Rs 680 (28% upside from CMP). Majesco delivered strong growth in 2QFY18, after four consecutive quarters of revenue decline. Revenue grew 8.7% QoQ to USD 30.3mn vs est. of USD 30.8mn. The first cloud deal win (MetLife) from the IBM partnership is driving growth (cloud revenue was up 28% QoQ, 31% of revenue), and ~83% incremental revenue was from cloud.