IP Pressure As Expected, Margin Ahead Of Estimate As expected, Persistent Systems reported a steep fall in USD revenue in 4QFY18, led by a decline in IP business. Revenue declined 4.6% QoQ to US$117mn, marginally above our estimate. The IP business recorded a 20.6% QoQ revenue decline, with Alliances business the key pressure point, down 21.6% QoQ. This was on account of a steep revenue dip in its largest client (-26% QoQ), as internal issues and restructuring led to a higher-than-expected fall in spend of the client on the business initiatives addressed by Persistent. On the other hand, Accelerite revenue fell 9% QoQ, as Persistent continued to divest non-strategic products. The Digital and Services businesses...