Maintain BUY with a TP of Rs 1,445 based on 16x FY20 EPS. Zensar delivered a robust quarter both on the revenue and margin front. Revenue came in at USD 135.0mn (+6.6% QoQ, 7.5% CC & +2.0% ex Cynosure), higher than our estimate of USD 130.0mn. Growth was led by Digital & Application services (DAS), up 7.0% QoQ and recovery in Cloud and Infrastructure Services (CIS), +12.6% QoQ. EBITDA margin expanded 132bps to 13.5% (vs. estimate of 13.1%) led by higher utilisation (+200 bps QoQ), integration of higher margin Cynosure and recover in CIS (earlier IMS).