Intellect's investment in sales effort and R&D is yielding results. Deal wins have been robust led by higher acceptance of Intellect products (iGTB and IDC). The company won 12 large transformational deals in FY19. The deal funnel stands at healthy USD 508mn with 122 opportunities. Cloud partnerships with global cloud leaders will help scale SaaS revenue, which is of annuity nature and higher margin. We maintain our positive stance based on (1) Huge addressable market opportunity (2) Highly-rated and digital-ready product portfolio, (3) Healthy order book, and (4) Traction in large deal wins (iGTB). We estimate USD revenue growth of 15.8/16.2% for FY20/21E. Risk to our thesis includes slowdown in deal wins, increase in R&D and SG&A investments, and global slowdown. We maintain BUY on Intellect on inline 4QFY19. The order backlog remains impressive (+38% YoY), large deal wins in advanced market is reflecting product acceptance. Our TP is Rs 313, assigning 2.0x EV/rev multiple to FY21E rev.