9 July 2019 (10.6% YoY CC in 1QFY20 on the base of 12.5% in 4QFY19) and EBIT margin contraction (-150bp QoQ/- 90bp YoY to 24.2%) were both in line with our estimates. PAT grew 10.8% YoY to INR81b, implying a 6.2% beat, helped by higher other income and lower ETR (23.4% v/s our estimate of 24.2%). Adjusted for the accounting changes toward leases (~INR1.18b), the EBIT margin would have been 23.8%, marginally below our estimate. TCS signed deals totaling USD5.7b in 1QFY20 v/s USD4.9b in 1QFY19 and USD6.