Maintain BUY with a TP of Rs 300, assigning EV/revenue multiple of 2.0x on Dec-20E revenue. Intellect Design Arena (INDA) posted muted quarter both on the revenue and margin front. Revenue stood at USD 52.4mn (vs our est. of USD 53.7mn), down 3.4% QoQ and 2.8% CC. Revenue fall was led by lower licence revenue (-25% QoQ, higher base effect). Order backlog remains healthy at Rs 13.88bn (+11% QoQ), which provides growth visibility.