Maintain BUY with a TP of Rs 335 based on 15x (earlier 14x) Dec-19 EPS. Sonata delivered robust 3QFY18 numbers with beat on both revenue and margin. International IT services (IITS) revenue grew 2.7% QoQ to USD 37.4mn, ahead of our estimate of USD 36.2mn. A positive surprise was 328bps expansion in IITS margin to 20.9% (vs. our est. of 18.0%) led by higher productivity. Travel (28% of rev, +6.5% QoQ) and Retail (27% of rev, +6.6% QoQ) continue to drive growth. OPD (28% of rev) was down 0.9% QoQ but will recover led by deal wins.