Maintain BUY with TP of Rs 1,430, 20x Sep20E-EPS supported by 22% EPS CAGR over FY18-21E. Mphasis posted in-line revnue (HP/DXC-channel led) and operating performance. Rev came at USD 276mn, 3.0/14.8% QoQ/YoY in CC terms (USD 274mn est). Direct Core (54.5% of rev) grew 3.9/14.3% QoQ/YoY CC and HP/DXC (28.3% of rev) grew 6.4/24.7% QoQ/YoY in CC terms, however Digital Risk (10.2% of rev) declined 10% QoQ (expected to remain flattish ahead).