We largely maintain our FY20/21E revenue but increase EBIT margin by 75bps/80bps to 19.2%/19.4%. We also increase FY20/21E EPS by 2.3%/5.3%. We now forecast FY19-21E revenue (US$)/EBIT/EPS CAGR of 12.2%/11.8%/5.1%. We maintain ACCUMULATE with new TP of Rs1,153 (vs. Rs1,095 earlier) based on PER of 14x FY21E. Key Highlights and Investment Rationale Q2FY20 revenue benefits from consolidation of IBM products Revenue growth of 6% QoQ in CC (+5.2% QoQ in US$) was in-line with our forecast of +6.7% in CC. Mode-3 solutions (14.7% of revenue) led the growth with a 42% QoQ...