INFY's growth has accelerated over the past six quarters from 6% to 11.4% YoY CC and growth metrics vs. TCS have improved (from 340bps lag to 140bps lead organic). Margin erosion from 23.7% (-130bps vs. TCS) to 21.7% (-230bps vs. TCS) has bottomed out, with stability in delivery metrics (localisation, sub-con). We expect USD rev/EPS CAGR of 9.7/9.2% over FY19-22E. Current valuations (18.6x FY21E) largely bake in this recovery and the recent stock outperformance is mostly done. We await more triggers to confirm a sustainable upgrade; our passive optimism works for now. Despite the hoopla around catchup with TCS, we maintain NEUTRAL on Infosys post a mostly in-line 2QFY20 (unchanged est). Lower band of rev guidance was upped, margin band maintained even as core verticals lagged. Our TP of Rs 835 is based on 18x Sep-21E EPS.