Following the strong momentum in DXC over FY17-19 (22% CAGR), growth is now expected to be led by Direct Core supported by (1) Strong deal wins (15% QoQ), (2) Strategic accounts (double-digit growth & market share gains in BFS), (3) New logos (including F100 accounts) and (4) Blackstone channel (5% of Direct core). While we remain positive on Direct Core channel, we lower growth est for DXC-HP segment with increased risk around the new strategic roadmap for DXC (leadership change, business divestment, Virtual Clarity acquisition). Expect USD rev/EPS growth at 10% CAGR over FY19-22E. We maintain BUY on Mphasis following a nearly in-line 2Q. Growth drivers in Direct Core are intact, while DXC portfolio risk has increased. Our TP of Rs 1,140 values Mphasis at 16x Sep-21E EPS