Revenue growth in both BFSI (8% YoY CC) and Retail (4.8% YoY CC) decelerated by 120bp+ compared to the previous quarter. BFSI growth decelerated to 8.0% YoY CC from 9.2% in the previous quarter, led by pockets of weakness in the large banks in Europe and capital markets in the US. Margin weakness was due to currency pressure, lower revenue growth and highest headcount addition in the quarter. Given the uncertain outlook on the major verticals (BFSI/Retail), combined with the operational blip in a seasonally strong quarter, we expect USD revenue growth to taper off by 170bp/40bp in FY20/21. TCS 2QFY20 EBIT margin shrank 250bp QoQ to 24% - the contraction is largely led by a dip in utilization and no benefits from currency which the company had anticipated.