Maintain BUY with a TP of Rs 445 based on 16x Sep 20 EPS Sonata delivered a good quarter, International IT services (IITS) revenue was up 3.4% QoQ (+4.0% CC) to USD 39.1mn, in-line with our estimate of USD 39.1mn. Growth was led by higher IP-led revenue (+14.2% QoQ) and Digital (35% of rev, +9.7% QoQ). IITS margin contracted -153bps QoQ to 20.6%, after a significant improvement of 480 bps over the past five quarters. Total revenue stood at Rs 5.93bn, down 13.8% QoQ, led by drop in Domestic Product & Services (DPS) rev (Rs 3.26bn, -25.4% QoQ).