Maintain BUY with TP of Rs 875, at 16x Dec-19E EPS (15x earlier). Persistent Systems (PSYS) reported in-line revenue and strong operational performance. Revenue came at USD 122.5mn, 3.8% QoQ (2.6% QoQ ex-Parx Werk impact of full quarter consolidation). Revenue growth was led by Alliance business and digital (3.9% QoQ adjusted), while services was flat sequentially and Accelerite declined.