We largely maintain our FY20/21E revenue but moderate our EBIT margin forecast by 35bps/25bps to 18.5%/18.6%. We also factor higher tax rate and cut our FY20/21E EPS by 4.1%/5.4%. We now forecast FY19-21E revenue (US$)/EBIT/EPS CAGR of 11.7%/8.9%/2.4%. We maintain ACCUMULATE with new TP of Rs1,095 (vs. Rs1,158 earlier) based on PER of 14x FY21E. Key Highlights and Investment Rationale Q1FY20 result another quarter of EBIT margin miss Revenue growth of 4.2% QoQ in CC (+3.8% QoQ in US$) was ahead of our forecast of...