Cloud revenue registered 54% YoY growth in FY19, growth was led by MetLife, new deal wins and build-up of cloud subscription revenue. The large MetLife implementation project is complete and is impacting cloud revenue. Back-filling of MetLife revenue will be gradual. New deal wins, extension of the MetLife project to other geographies and increase in minimum subscription revenue will drive growth in cloud. The partnership with Capgemini for L&A and Group life is promising and can bring large deals on the table. We expect USD revenue CAGR of 13% over FY19-22E (cloud CAGR of 21%). We maintain our positive stance on Majesco based on (1) Rising adoption of third-party software by insurers, (2) IBM & Capgemini partnership and (3) Continued deal wins. Risk to our thesis includes a slowdown in deal wins, prolonged sales cycle and deterioration in US/Europe macros. We maintain BUY on Majesco following slight miss on revenue & margins in 1QFY20. Revenue grew despite a steep fall in the cloud revenue and margin expansion (lower than est.) was healthy. The order backlog is robust and cloud deal wins are stable. We await a large deal win from the IBM/Capgemini channel. Our TP of Rs 685 implies EV/rev multiple of 2.0x on June-FY21 rev.