TECHM's Q2FY20 result was a big beat to our forecast especially on revenue growth and EPS front. Q2 revenue grew by 4.1% QoQ in CC vs. our forecast of 1.4%. EBIT margin improved by 130bps QoQ to 12.8%, in-line with our forecast. Further, lower tax rate aided EPS of Rs12.9, +17.1%/+7.3% QoQ/YoY which was a big beat to our forecast. In Q2, TECHM has secured deals with TCV of US$1.49bn which includes US$1.08 bn in communications and rest in the Enterprise segment. Further, TECHM confirmed that the deal pipeline remains strong. We factor the beat in Q2 and increase FY20/21E EPS by 6.5%/4.7%. We largely maintain our...