Maintain BUY with TP of Rs 470, at 18x Dec-20E EPS. Hexawares 4Q was marked by strong deal bookings (highest-ever) and healthy revenue guidance, offset by operational roadblocks (margin, attrition). Revenue came at USD 176mn, 3.4/14.2% QoQ/YoY in CC terms. EBITDA% stood at 15.3%, -142bps QoQ on wage increase impact (-60bps), furlough impact (-60bps) and SG&A.; APAT was lower at Rs 1.23bn impacted by forex loss of Rs 0.25bn (vs. Rs 0.23bn forex gain in 3Q).