Maintain BUY with TP of Rs 850, at 15x Sep20E-EPS (16x earlier). Persistent (PSYS) posted weak revenue performance impacted by absence of re-seller revenue (2Q vs 1Q), early closure of large project and offshore shift. Revenue came at USD 118.2mn, -4.3/+0.1% QoQ/YoY (USD 5.4mn lower QoQ) impacted by, (1) Flat Services segment (43% of rev and -0.9% QoQ), (2) Drop in Alliance segment (29.5% of rev and -12.1% QoQ), and (3) Decline in Digital (22% of rev and -1.7% QoQ). EBITDA margin stood at 17.2%, +40bps QoQ with INR depreciation/offshoring offsetting wage increase impact, and APAT came at Rs 0.88bn.