We met Tech Mahindra for a business update. We believe there is little change in outlook for the telecom vertical. However, with M&A; deals such as AT&T-DirecTV; receiving approval from competition authorities, integration work could be a dark horse in FY17E; Infosys saw benefits from this in FY11 in BFSI. 2HFY16 will be better on Comviva seasonality.