Among tier-1 IT, TCS and INFY (includes inorganic) are expected to lead USD rev growth at 3.1/2.9% QoQ respectively. Among tier-2 IT, Hexaware (including Mobiquity), Sonata, and Majesco are expected to lead revenue growth at 5.8/3.6/3.5% QoQ respectively. IT sectors growth vector is intact, however margin headwinds have increased on supply-side factors and currency. Notwithstanding the growth divergence within the sector, we expect 1Q aggregate revenue growth to accelerate (on YoY basis) to 5-qtr high, but margins slide to 8-qtr low. 1Q revenue growth for the sector (coverage universe) is estimated at 2.1/9.5% QoQ/YoY (vs. 8.6% in FY19). We expect wide divergence in operating performance in 1Q with +100 to -230bps QoQ impacted by wage, visa cost, sub-contracting, INR appreciation & negative cross-currency.