Tech Mahindra (TECHM) posted a disappointing Q1FY20 as (1) revenue contracted in all verticals except others', (2) top 5/10/20 client performance flagged, (3) EBIT margins shrank 390bps QoQ, (4) attrition failed to cool off, (5) DSO rose due to high unbilled revenues, and (6) cash generation slumped.