Maintain NEUTRAL with TP of Rs 2,705, 17x FY20E EPS (Dec-19E earlier). TCS posted in-line quarter with revenue growth at 1.3% QoQ CC and flat EBIT margin of 25.2%, +10bps QoQ. Key positives for the quarter were (1) Strong digital (22.1% of rev) performance with digital crossing USD 1bn quarterly revenue mark and a large digital deal win, (2) Rebound in the Retail & CPG vertical (12.5% of rev) which grew 6.4% QoQ (following three declining qtrs out of the prior six), and (3) Large deal wins (Transamerica, Nielsen) and steady client metrics.