Intellect's investment in sales engine coupled with discipline in deal and geography selection has resulted in improved win ratio. The existing investments are sufficient to deliver growth of 20% and no further dilution is required. The deal funnel stands at healthy USD 515mn with 133 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) Focus on large deal wins. We estimate USD revenue growth of 10.3/17.0% 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 despite weak 1QFY20. Growth will recover based on strong order backlog (+20% YoY) and healthy funnel comprising of large deals (41 deals of size >USD 5mn). Deal sizes are increasing with increased product acceptance. We have a TP of Rs 300, assigning 2.0x EV/rev multiple to June 21E revenue.