In view of the termination of Punjab e-governance contract, uncertainty regarding high receivables and no near-term growth triggers we downgrade our rating to SELL with a TP of Rs 160, based on 20x Dec-19 EPS (earlier 25x) and adjusting for one-time write-off impact of Rs 10/share. Punjab government has terminated the five year e-governance contact awarded to BLS International in Mar-16. This came in as a major negative surprise as we were expecting closure of only some financially unviable centers out of total 2,147 seva kendras operated by BLS.