Maintain BUY with a TP of Rs 1,400 based on 16x FY20E EPS. We recently met Zensars management and were enthused with the transformation under way, under the new leadership team. Notably, Zensar lagged peers in growth (3.2% revenue CAGR for FY16-18 vs ~11% for mid-cap IT), owing to (1) IMS restructuring, (2) Lack of large deal wins, (3) Slow down in Oracle ATG, impacting revenues at the acquired PA business (4) Drag in non-core business (-17% CAGR).