TCS's Q1 performance was a tad weaker than our/Street estimates. CC revenue growth of 2.3% qoq, coupled with ~90bps qoq fall in EBIT margins to 24.2%, missed expectations slightly, although net profit beat was supported by higher other income. The company indicated that Q1 was impacted by weak macros but it continues to strive for double-digit' growth in FY20E, and hopes remain pinned on a strong Q2. Mid-term confidence reflected from strong hiring and continued deal win momentum in Q1FY20. We continue to believe that FY20 is a relatively difficult growth year for the sector after the rebound through CY17 and CY18. Prefer Tier-I names over Tier-II on a relative basis....