Maintain BUY with a TP of Rs 285, based on 2.2x FY20E EV/rev multiple. Intellect Design Arena (INDA) posted weak numbers both on the revenue and margin front. Revenue stood at USD 44.6mn (lower than our est. of USD 47.4mn), down 6.5% QoQ but up 19.2% YoY. Revenue miss was due to shift of two large deal closures to next quarter with licence component of USD 2.6mn. Strong order backlog growth of 14.4% QoQ to Rs 11.90bn (excluding GeM project) provides revenue visibility.