We maintain BUY with a TP of Rs 665 (upside of 39%) based on EV/rev multiple of 2.0x (~70% discount to Guidewire). Majesco delivered decent performance in 1QFY19 both on the revenue and margin front. Revenue grew 1.8% QoQ to USD 33.5mn (vs our est. USD 33.8mn) led by continued cloud traction (+16.8% QoQ, 36% of rev). Strong growth in cloud implementation (+19.4% QoQ, 26% of rev) and cloud subscription (+10.2% QoQ, 10% of rev) is offsetting the impact of legacy shrinkage. There is clear shift happening from the on-premise to cloud model.