Maintain SELL on eClerx with TP of Rs 1,145, at 13x Dec-19E EPS eClerx posted in-line revenue, while operating performance was sub-par. Revenue came at USD 48.9mn, 1.1% CC QoQ. Growth was led by Top-6 to 10 and Non-top-10 accounts which grew 3.9% QoQ each, while Top-5 (60.5% of rev) accounts declined 0.6% QoQ. EBITDA% stood at 22.9%, -233bps QoQ with lower gross margin (-50bps impact with investments onsite) and higher SG&A; (-175bps impact with increase in business development staff). APAT came lower at Rs 0.57bn, -21.3% QoQ impacted by lower profitability and lower other income.