Following the strong recovery in DXC-HP channel over FY18-19 (22% CAGR), growth is now expected to be driven by Direct Core even as DXC-HP is expected to continue low double-digit' growth. We remain positive on Direct Core based on (1) Strong deal trends (net-new TCV up 15% QoQ), (2) Hyper growth opportunity in Blackstone portfolio (5% of Direct Core rev), (3) Strong new client additions as well as uptick in large accounts (top-5). Expect USD rev/EPS to grow at 12/13% over FY19-22E. We maintain BUY on Mphasis following an in-line 1Q. Growth drivers in the Direct Core channel (key to our optimism) are intact and sustainable. Mphasis is the most attractively valued midcap IT stock in India (13x FY21E). Our TP of Rs 1,310 values it at 18x Jun-21E EPS.