Persistent Systems Limited (PSL) delivered a steady performance in a tough environment, with better-than-expected performance in both revenue and operating profitability. USD revenue came at $127.1 million (ahead of our modest expectations), down by 1.8% q-o-q, attributed to significant 24.3% q-o-q decline in IP-led revenue due to weak seasonality and lower revenue re-seller business because of COVID-19 outbreak. However, the sharp decline in IP revenue was partially offset by 3.8% q-o-q growth in Technology Services Unit (TSU, 73.7% of total revenue), driven by strong 7% q-o-q growth in digital revenue. EBITDA margin improved by 41 bps q-o-q...