Zensars ongoing business restructuring and client pruning exercise is weighing on growth however margins are improving steadily with services (IMS) focus. We believe that the company?s digital capabilities (~27.8% of revenue, 3.6% QoQ) and strong relationship with Oracle (managed cloud partnership) will drive next phase of growth. Surge in deal pipeline to US$ 700mn (vs US$ 500mn in 1Q) and new deal wins of US$ 40mn in 2Q (100% digital) bolsters our confidence.