Maintain BUY with a TP of Rs 300, based on 2.2x FY20E EV/revenue multiple. Intellect Design Arena (INDA) posted strong numbers both on the revenue and margin front. Revenue stood at USD 54.3mn (vs our est. of USD 48mn), up 21.7% QoQ and 30% YoY. Revenue out-performance was due to large deal wins leading to strong Licence growth (+137% QoQ). Order backlog remains healthy at Rs 12.50bn (+5.0% QoQ), which provides growth visibility.