Persistent reported a strong quarter on the revenue front with 4.9% QoQ growth in US$ revenue (4.1% organic, 0.8% contribution from Youperience acquisition). Growth was primarily led by IP led revenues, which increased 9.7% sequentially. Digital business (22.4% of revenues) also witnessed a recovery (3.5% QoQ growth) post weak Q1. On the margin front, despite robust growth in high margin IP led revenues, EBIT margins declined 90 bps QoQ to 8.9% mainly led by higher sales & marketing expenses. However, we expect margins to expand from these levels with the play of utilisation,...