Maintain BUY with a TP of Rs 1,050 based on 14x Dec-19 EPS Zensar delivered healthy revenue growth and margin beat in 3QFY18. Revenue stood at USD 122.6mn (+3.4% QoQ, +3.5% CC), higher than our estimate of USD 121.5mn. Growth was led by AMS (83% of rev, +3.1% QoQ) and revival in IMS (+4.6% QoQ). EBITDA margin expansion of 165bps to 13.4% (vs. estimate of 12.3%) in a seasonally weak quarter was a positive surprise. Margin expansion was led by increase in fixed price contracts (+8.0% QoQ).