OFSS reported inline results with a revenue growth of 3% YoY at Rs 11.9bn (below DE at Rs12.5bn). OPM for the quarter stood at 46% up 360bps YoY (down on QoQ basis), as cost efficiency gets further deep. EBIT and PAT were in line at Rs 5.5bn (DE Rs5.5) and Rs3.9bn (DE 3.9bn). OFSS signed new Licences worth US$13.4mn in line with our estimates ($12mn in Q2FY20) that included 13 new deals across including 4 in developed markets (refer Exhibit 6) and also witnessed 18 go-lives in Q2. Improved deal momentum led by Digital acceleration theme (Banks...