Accelya Solution (Accelya) reported poor results on profitability front. Revenues were flat at | 113.8 crore while EBITDA margins declined 336 bps QoQ to 36.5% leading to an overall decline of 8.1% QoQ in rupee terms. In addition, profit before tax declined 12.2% QoQ, 20.6% YoY to | 32.2 crore. PAT declined 12.4% QoQ, 10.6% YoY to | 23.7 crore. We believe the key reason for this poor profitability performance is the company's exposure to travel vertical (especially exposure to airlines) that has been severely impacted due to Covid-19 crisis. The company expects Q4FY20E (June...