For the first time the company reported its order book, which is US$302 million (book to bill of ~2x) of which US$175 million is net new. We believe this is mainly due to traction in multi-year large deals in services and IP led segment (benefits of which will be reflected in Q1FY22E). The company has also hired 1618 employees of which 70% are laterals representing robust growth opportunity in coming quarters. In addition, Persistent's focus on client mining, scaling up new clients, expanding European geography (from 9% to 15-18% in next three four years) and improving its alliance business...