Maintain BUY with a TP of Rs 466 based on 16x Dec 20 EPS. Sonata delivered a good quarter, International IT services (IITS) revenue was up 4.3% QoQ (+5.0% CC) to USD 40.8mn, in-line with our est of USD 40.3mn. Growth was led by IP-led revenue (+10.7% QoQ) and continued traction in Top-5 accounts (+10.5% in 9MFY19). IITS margin expanded 779bps QoQ to 28.4% (highest ever) led by cut in high cost sub-con expenses, higher utilisation and operational efficiency.