Maintain BUY with TP of Rs 490, 20x Mar-20E EPS (19x earlier) Hexaware posted strong revenue growth (IMS contributed ~50% of incremental growth) and slightly lower operating performance (higher S&M;). Revenue came at USD 162mn, 3.9% QoQ led by Europe & APAC (~86% of incremental growth). EBITDA% came lower at 15.5%, -41bps QoQ impacted by higher S&M; expense.