Though Sonata reported disappointing IITS revenue of US$37.4mn, this came following three quarters of healthy growth (+2.7% QoQ in 3QFY18; +11.3% QoQ in 2QFY18 and +6.5% QoQ in 1QFY18). On YoY comparison, IITS USD revenue rose by a strong 21.8% led by focus on platforms and IP-led solutions (platformation'). Focus on consumer-centric verticals, which require high investment in digital initiatives, has been the key tailwind. Notably, 15.6% of Sonata's 4QFY18 revenue was IP-led (vs. 15.2% in 3QFY18). We expect focus on its platformation strategy to drive...