Maintain BUY with TP of Rs 815, 14x Dec-20E EPS. Persistent (PSYS) posted in-line revenue and an operational beat in 3Q. While the revenue growth was muted (despite seasonality tailwind), operational improvement seems sustainable supported by (1) Higher offshoring (in large accounts), (2) Better mix (higher Salesforce, Appian channel contribution) and (3) Utilisation increase. Revenue came at USD 120.8mn, +2.2% QoQ led by Digital (+6.4% QoQ) and Accelerite (+7.8% QoQ), offset by Services (-0.4% QoQ) and Alliance (+1.9% QoQ).