Maintain BUY with a TP of Rs 230, based on 2.0x Dec-19 EV/rev multiple (~75% discount to Temenos multiple). Intellect Design Arena (INDA) posted flat revenue and stable margin performance. Revenue stood at USD 41.8mn (in-line with our est. of USD 41.7mn), up 0.2% QoQ and 24.6% YoY. Growth was flat this quarter due to high licence component present last quarter. The company has a strong order backlog of Rs 9.51bn (excluding GeM project) which is ~77% of FY19E revenue. Adjusting for one time SG&A; expenses of Rs 50mn, EBITDA margin stood at 7.8% (-34bps QoQ). There is non-linearity in the business and margins will expand with growth in licence revenue.