Intellect's growth engine has witnessed slowdown due to delay in decision making (Brexit), deferral of large deals, accelerated shift to cloud (iGCB and iGTB) and absence of licence component in cloud wins. Shift to cloud model will impact near term growth but building of annuity SaaS revenue will improve predictability and profitability. Cost control measures have been satisfactory and margins will recover with growth. The deal funnel stands at healthy USD 524mn with 134 opportunities. We maintain our positive stance based on (1) Huge addressable market opportunity (2) Highly-rated and digital-ready product portfolio, (3) Healthy funnel, and (4) Focus on large deal wins. We estimate USD revenue growth of 1.5/16.0% for FY20/21E. Risk to our thesis includes prolonged delay in decision making and US/UK slowdown. We maintain BUY on Intellect despite a weak 2QFY20. Deferral of few large deals and accelerated shift to cloud has impacted growth. Large deal funnel remains healthy but decision making is taking longer than expected. 2H will witness growth and margin recovery but we cut our FY20/21E revenue est. by 6.6/6.7% to factor in weak 1H and delay in deal conversion. We have a TP of Rs 288, assigning 2.0x EV/rev multiple to Sep 21E revenue.