Revenue growth was subdued for another straight quarter with lower-thanexpected growth in IP led revenues (0.8% QoQ growth to $25.8 million) being the primary reason. Further, a decline in digital business (5.9% QoQ) also added to lower growth numbers. The management alluded to its focus on large annuity deals and improving IP led revenues to gain revenue growth momentum. While we expect FY20E revenues to register muted growth, acceleration is expected to be only in FY21E. Further, poor Q1FY20 performance and a slow start to IP revenues dampens our hope that the company will be able to register double digit growth over FY19-21E. Hence,...