11 October 2018 In line with its recent commentary, TCS managed to return to double-digit YoY CC revenue growth (+11.5% YoY; thanks to currency benefit of 120bp. PAT grew 22.6% YoY to INR79b (our TCS won deals with total contract value (TCV) of USD4.9b the same as last quarter. It expects to grow in double- digits for the remainder of the year, the ask-rate for which is not demanding. To grow 10% YoY CC in FY19, the CQGR required in 2H is 0.3%. To grow 10%+ YoY CC in each quarter, flat revenue in 3Q and 1.9% QoQ CC growth in 4Q should suffice. trade war and Brexit are potentially unnerving, TCS continues witnessing strong demand in the US, led mainly by BFSI and Retail. UK remains a complex geography, but is currently seeing demand in BFSI, Retail and even Manufacturing.