Persistent Systems (PSYS) closed the Mar'19 quarter with a 15% QoQ decline in IP revenues and 450bps QoQ contraction in reported EBITDA margins. The historically weak growth momentum entering into FY20 will render revenue growth a tall task. Management intends to maintain steady operating margins in FY20 and use the cash kitty for inorganic opportunities. We roll over to a revised Mar'20 TP of Rs 650 (vs. Rs 640) and reiterate REDUCE as we remain...