4Q was marked by skewed growth across services and geographies, and visible challenges in the core geo and core verticals (BFSI, Retail). Additionally, the margin outlook (26-28% EBIT %) also comes with its downside risks (largely currency-related). Structural headwinds (including a shorter contract duration) in TCS? BFSI and Retail & CPG verticals (53% of revenue) are reflecting in its underperformance vs INFY, which also has higher non-linearity.