Persistent Systems (PSYS) reported a strong 3QFY22, with revenue growth (USD) of 9.2% QoQ (120bp above our estimates; 6.7% QoQ organic) and 16.8% EBITDA margin (est. 16.1%). It reported a TCV of USD334m (+18% QoQ), with 47% new business TCV. While seasonal strength in IP business aided 3Q growth, the continued good performance of its Services (+5.4% QoQ organic growth) on a base of double-digit sequential growth in last two quarters denotes the momentum in PSYS' client mining. Moreover, PSYS continues to...