Maintain BUY with a TP of Rs 1,350 based on 16x FY20 EPS (earlier 15x). Zensar delivered healthy revenue growth in 4QFY18 while margins performance stood below expectation. Revenue came in at USD 126.6mn (+3.3% QoQ), in-line with our estimate of USD 126.3mn. Growth was led by AMS (86% of rev, +7.0% QoQ) offset by drag in IMS (-14.2% QoQ).