Following a strong growth delta from DXC-HP business over the past two years, Direct core is expected to drive revenue growth hearon. We remain positive on Direct core based on (1) High share of digital/new gen services (46% of rev, +49% YoY in FY19), (2) Strong deal trends (USD 616mn TCV ex-renewals in FY19 in Direct International), (3) Growth adjacencies from Blackstone portfolio (~5% of Direct Core revenue and 70% growth in FY19) with large opportunities, and (4) Traction via Microsoft/Google Cloud partnership. DXC-HP division is expected to moderate (11.5% CAGR) on a high base. Key Risks include slowdown in BFSI (high concentration) and INR appreciation. We maintain BUY on Mphasis following an inline 4Q. Growth drivers are sustainable (Direct Core-led). Mphasis is the most attractively valued midcap IT and we have a TP of Rs 1,330, at 18x FY21E.