TCS' 1QFY19 result was marked by a strong margin management; reported USD revenue growth was broadly in-line. Management exuded confidence on recovery in the troubled US BFS vertical and indicated improved visibility on the medium-term outlook with a USD 4.9bn of pending order book in 1QFY19. This sets TCS well for a double-digit growth in FY19 though the high share of mega deals limits extrapolation over the longer term. We raise our FY19/FY20 EPS forecasts by 4% each on 1QFY19 margin beat + currency reset. The stock trades at 21X FY20F EPS, at 33% premium to INFO and 19% premium to its own 5-year median. Thus, while we recognize the recovery in growth trajectory and TCS' aptitude in...