Cloud revenue witnessed growth after two quarters of slowdown. Cloud was supported by nine go-lives, ramp-up of cloud deals and higher implementation revenue from existing clients. Partnership with Capgemini, IBM and Microsoft (Azure) is promising, but not yielding results in terms of large deal wins. Growth in cloud subscription and recurring revenue will lead to margin expansion. We expect revenue CAGR of 10% over FY19-22E with cloud CAGR of 21%. We maintain positive stance on Majesco based on (1) Rising adoption of third-party software by insurers, (2) Solid partnerships, (3) Continued deal wins, and (4) Cloud traction. Risk includes prolonged sales cycle and deterioration in US/Europe macros. We maintain BUY on Majesco based strong recovery in revenue and margin in 3QFY20. Revenue growth was led by cloud traction, nine go-lives and deal ramp-up. EBIT margin expansion was healthy, supported by higher margin cloud subscription revenue. The order backlog is robust and cloud deal wins remains healthy. We increase FY21/22E USD revenue est. by 1.4/1.2% to factor in cloud recovery. Our TP of Rs 663 implies EV/rev multiple of 2.0x on Dec FY21 revenue.