We Initiate coverage with a BUY rating and a TP of Rs 660, based on 11x FY21E EPS. Mastek, founded in 1982, is one of the oldest IT companies in India. Mastek has experience spanning over three decades but in its current version, its just a four-year-old organisation (Demerger with Majesco happened in 4QFY15). Mastek has transformed itself post the demerger, led by (1) Appointment of experienced and capable CEO, John Owen, in Nov-2016 (2) Direct relationship with UK Govt. vs being a sub-contractor earlier and (3) Acquisition of TAIS Tech (SI for Oracle ATG), which marks its entry in the US. Under the new leadership, Mastek has delivered healthy revenue CAGR of 32% (~23% organic) and margin expansion of ~370bps over FY17-19E.