Maintain BUY with a TP of Rs735, 17x Dec-19E EPS (16x earlier). Mindtree posted strong revenue growth and operating performance in 3Q. Revenue stood at USD 214mn, 4% QoQ CC supported by realisation increase of 5.9% QoQ. EBITDA% came at 15.1%, +348bps QoQ supported by multiple large projects transitioning into steady-state (+180 bps impact), and SG&A; leverage. APAT stood at Rs1.2bn, adjusted for (1) Rs65mn write-back of earn-out from prior acquisition (BlueFin, magnet360), and (2) Lower ETR% of 15.2% (24.9% in 2Q) impacting by ~Rs165mn.