Sonata witnessed pressure on its key verticals in 3QFY17. Continuing to remain volatile, revenue from OPD vertical dipped 6% QoQ, following two successive quarters of 10% QoQ growth. We had noted this risk owing to disruptive impact of SMAC in our initiating report on Sonata in Dec'16. Steep 9.8% sequential revenue decline in Travel (Sonata's key focus area particularly for Rezopia platform, acquired >2 years back) is another area of concern. Sequential growth of 14% in Retail & CPG business, which is now the 2nd-largest vertical, is a key positive. This vertical has accounted for ~80%...