TCS' growth and scale leadership in digital (USD 6.7bn annualized) are key differentiators. Continuity in strong deal wins, broad-based growth across verticals (esp. core) and geographies are driving double-digit growth. Margin/attrition differential vs. peerset reflects superior execution. Payout policy (80-100% of FCF), 90% FCF/PAT, ~4% FCF yield and 11/10% USD rev/EPS CAGR over FY19-21E support valuations (currently at 20x FY21E). We maintain BUY on TCS following an inline 4QFY19. Our TP is Rs 2,410 implying 24x FY21E EPS, with ~1% change in est. TCS is our top large cap IT pick.