TCS's Q2FY20 revenue growth of 0.6% QoQ in US$ (~1.2% in CC) was a miss to our forecast of 2.5% QoQ in US$ (3.1% in CC). Lower revenue growth and increased hiring impacted EBIT margin which declined by 15bps QoQ to 24% vs. our forecast of 25.1%. Similarly, EPS of Rs21.4, -1.1%/+3.9% QoQ/YoY missed to our forecast. Digital business (33.2% of revenue) continued to lead TCS's growth and grew by 28% YoY in CC, though lower than previous quarters. Deal wins remained strong with TCV of US$6.4 bn which is the highest in the last 6 quarters. We factor Q2FY20 miss and cut our FY20/21E revenue by 2.5%/2.8% and EPS by...