Maintain BUY with a TP of Rs 380 based on 16x FY20 EPS. Sonata delivered soft 4QFY18 with slight miss on both revenue and IITS margin. International IT services (IITS) revenue was flat QoQ at USD 37.4mn, below our estimate of USD 38.9mn. Adjusting for one-time pass through revenue last quarter, QoQ IITS rev growth was 2.7%. IITS margin slipped to 19.8% (vs. our est. of 21.0%) despite higher off-shoring (+400bps QoQ). Travel (27% of rev, -3.6% QoQ) and Retail (25% of rev, -7.4% QoQ) were under pressure while OPD (28% of rev) was flat QoQ.