Persistent Systems came out with muted set of numbers in Q1FY20, which were a tad below our estimate. Revenue was flat (-0.3% YoY) at Rs 8321 mn against our estimate of Rs 8460 mn. EBITDA stood at Rs 1202 mn against our estimate of Rs 1360 mn. PAT for the quarter stood at Rs 825 mn, slightly below our estimate of Rs 865 mn. Due to management transition and client specific (IBM) issues, we already toned down our estimate post last quarter result. As expected, this quarter was lacklustre for Persistent and Q1FY20 numbers mostly matched our estimate. We are...