Maintain BUY with a TP of Rs 230 12x Sep-19 EPS Sonata delivered robust numbers in 2QFY18. International IT services (IITS) revenue grew 11.2% QoQ (+10.3% CC, +6.8% QoQ excl. one-off) to USD 36.4mn, ahead of our estimate of USD 34.0mn. A positive takeaway was sustained recovery in OPD (29% of rev, +7.7% QoQ) and Travel (27% of rev, +7.4% QoQ). Strong growth in Dynamics AX (19% of rev, +25% QOQ) is driven by traction in Retail, while the focus on IPs and Platforms is driving Digital revenue (32% of rev, +15% QoQ). Total revenue stood at Rs 4.27bn, down 32.7% QoQ, led by drop in Domestic Product & Services (DPS) revenue (Rs 2.00bn, -53/-32% QoQ/YoY).