In the last three months, the BSE IT index (+0.4%) has underperformed SENSEX (+2.6%). It has underperformed on 6/12 months basis as well. It has been only on YTD basis that the BSE IT index has outperformed SENSEX. The IT sector has seen headwinds from concerns over slower global growth, FX volatility and shift to other sectors given the good performance of broader markets in India. Q1FY20 has been another quarter of currency volatility INR appreciation (negative on EBIT margin) and cross-currency (negative for reported US$ revenue growth). Further, we forecast divergent performance as regards revenue growth...