Revenue outperformance: For 2QFY20, TECHM's revenue grew 7.3% YoY CC (v/s estimate of +4.8% YoY), EBIT declined 12.4% YoY (estimate of -18.4% YoY) and PAT increased 5.6% YoY (estimate of -10.8% YoY). Higher deal wins in the Enterprise segment led to the revenue outperformance. EBIT margin expanded 130bp QoQ to 12.8%, a 60bp beat to our estimate of 12.2%. However, during the quarter, SGA had a one-time gain of ~INR720, adjusting for which the EBIT margin was largely in line with our estimate. PAT was INR11.2b, up 17.2% QoQ, a 18.5% beat to our estimate, mainly due to the...