Maintain BUY with TP of Rs 800, 18x Sep-20E-EPS Infosys (INFY) posted strong revenue and deal bookings, offset by soft operating performance and static guidance (conservative). Revenue came at USD 2,921mn, 4.2/8.1% QoQ/YoY in CC terms, ahead of TCS sequential performance. EBIT margin was flat at 23.7% with INR gains impact (+80bps QoQ) and pricing (+70bps), offset by higher variable pay and senior workforce wage increase (-100bps) and higher sub-contracting expense (-50bps). APAT at Rs 41.10bn was supported by lower ETR.