We maintain BUY with a TP of Rs 761 (upside of 51%) assigning EV/rev multiple of 2.0x on Dec-20 revenues. Majesco delivered decent performance in 3Q both on revenue and margin front. Revenue grew 4.0% QoQ to USD 35.4mn (vs our est. USD 35.3mn) led by cloud traction (+51.5% QoQ, 42% of rev) and USD 1.4mn contribution from Exaxe (organic flat QoQ). Growth in cloud implementation (+17.1% QoQ, 30% of rev) is offsetting the impact of legacy shrinkage (-16% YoY in 9M).