IITS Revenue Slightly Soft, IP-Led Biz Continues Upward Journey Sonata Software's USD revenue from IITS business rose by 2.3% QoQ (+3% QoQ in CC terms) to US$45.3mn, slightly below our estimate by 0.8%. In INR terms, IITS revenue rose by 2.7% QoQ to Rs3.13bn. Organic revenue excluding Sopris contribution in 1QFY20 came in at a strong 4.1% QoQ, similar to 1QFY20. Growth would have been higher had it not been for some delayed licence revenue in Sopris. Vertical-wise, revenue was led by healthy growth in the Travel vertical (+6.2% QoQ in USD terms especially after 5.4% QoQ decline in 1QFY20). On the other hand, revenue from OPD vertical grew by 2.3% QoQ, in-line with company average. A...