Sonata delivered weak 3QFY17 numbers, as its International IT services? (IITS) revenue stood at US$ 30.3mn (-2.9% QoQ), led by weakness in OPD and Travel. Adjusting for a one-off revenue and GBP impact, IITS? growth stood at 3.5% QoQ in line with our estimates of 3.0%. IITS EBITDA margin expanded 150 bps QoQ to 23.2% (a positive surprise) led by a better revenue mix (off-shoring) and a break even in IBIS.