Maintain BUY with TP of Rs 840, at 16x FY20E EPS. Persistent posted rev decline (in-line) and margin contraction with lower IP revenue. Revenue stood at USD 117mn, -4.6%/+7.3% QoQ/YoY impacted by USD 6.8mn sequential decline in IP revenue (22.3% of 4Q rev). Services (46% of rev) and Digital (24% of rev) posted strong growth of 3.6% QoQ and 4.1% QoQ, respectively, while Accelerite (6% of rev) and Alliance business (24% of rev) declined.