Maintain BUY with a TP of Rs 275, based on 2.2x FY20E EV/rev multiple (2.0x earlier). Intellect Design Arena (INDA) posted robust 4QFY18 both on the revenue and margin front. Revenue stood at USD 47.7mn (higher than our est. of USD 43.6mn), up 14.1% QoQ and 27.6% YoY. Growth was driven by higher license component (+42.3% YoY). The company has a strong order backlog of Rs 10.40bn (excluding GeM project) which is ~79% of FY19E revenue.