TCS had a mixed Jun'19 quarter with a miss on operating performance but healthy deal wins (US$ 5.7bn, +16.3% YoY). Softness in the BFSI and retail verticals led to below-estimated revenue growth of 2.3% QoQ CC, while onsite supply pressure weighed on operating margins. With a slow start to the year, double-digit growth in FY20 looks a tough ask. We trim FY20/FY21 EPS by ~7% each on revised revenue and currency assumptions, roll over to a Jun'21 TP of Rs 2,360...