OFSS reported inline operating results for Q4FY20 with a 4% YoY revenue growth at Rs12.6bn against our estimate of Rs12.4bn. EBIT stood at Rs5bn as against our estimate of Rs5.1bn - OPM at 39% It signed new licence worth USD23mn for the quarter; full year wins at US$76mn down 7% on YoY basis. It signed 12 new deals in the quarter (including an OBP deal) and witnessed 13 sites going-live. OPM for Q4 stood at 42.6% down 50bps QoQ higher against our estimate of 41.3%. Product margins improved further to 50.5% (up...