Maintain BUY with TP of Rs 1,390, 18x Dec-20E EPS. Mphasis posted in-line revenue and operating performance led by strong growth in Direct Core and HP-DXC channel. Revenue came at USD 283mn, 3.1/14.0% QoQ/YoY CC with stellar growth in Direct Core (56% of rev and 6% QoQ CC) and HP-DXC channel (29% of rev and 6.4% QoQ CC), offset by steep decline in Digital Risk.