Maintain BUY with a TP of Rs 190, based on 2.0x Sep-19 EV/rev multiple (~70% discount to Temenos multiple). Intellect Design Arena (INDA) posted robust top-line growth in 2QFY18, with margins expanding for the third consecutive quarter. Revenue stood at USD 41.8mn (vs our est. of USD 38mn), up 11.6% QoQ and 21.0% YoY. This was led by 16 go-lives and contribution of new deal wins (Bangkok Bank, LIC and Utkarsh). EBITDA margin stood at 8.1%, +144bps QoQ, led by revenue growth, stable SG&A; and higher margin licence revenue.