While TECHM's Q1FY20 revenue was in-line with our forecast EBIT margin was a miss. Q1 revenue declined by 1% QoQ in CC. EBIT margin saw a sharp decline of 390bps QoQ to 11.5% vs. our forecast of a 235bps QoQ decline. Higher other income and FX gain aided EPS, which was in-line to our forecast at Rs11, -13.6%/+8.6% QoQ YoY. In Q1, TECHM has maintained the deal-win momentum and has secured deals with TCV of US$475 mn. Further, its deal-pipeline is at an all-time high. While it is confident of achieving high single-digit YoY growth in Communications vertical and mid single-digit in the Enterprise segment, it expects headwinds to its EBIT margin....