We see weak guidance from Cognizant & weakness in financial services in US inline with our hypothesis of limited revenue acceleration & tepid margin expansion in FY20E for Indian IT services. Cognizant's Q1 performance (USD 4,110 mn; -0.5% QoQ growth) was a miss to its guidance (USD 4,159mn) and consensus expectations (USD 4,163 mn). Management has cut the guidance for CY19 to 3.6-5.1% YoY growth from 79% YoY revenue growth in CC term whereas guidance on the current exchange rate translates to growth of 2.7-4.2% YoY growth compared to consensus expectation of ~7.5% YoY growth in USD term. The slowdown in...