Maintain NEUTRAL with TP Rs 1,075, 14x FY20E (Dec-19E earlier). Infosys (INFY) replicated TCS 3Q revenue growth (+1% QoQ USD rev) and margin performance (+10bps QoQ), however commentary on BFSI and Retail & CPG verticals were divergent. INFYs revenue stood at USD 2,755mn, 0.8% QoQ CC supplemented by 1.6% volume growth and -90bps realisation decline. EBIT% came at 24.3%, +10bps QoQ (EBIT% 90bps below TCS), was supplemented by utilisation increase (highest-ever level), lower onsite-mix and other efficiencies (lower sub-contracting cost). Revenue from new products/services grew 6.4% QoQ (deceleration from 14.3% in 2Q) and digital stood at 25% of revenue.