We recently met the management of TCS to understand the demand environment (especially BFSI, retail and manufacturing), conversion of backlog into revenue and margin outlook. Management cited that growth of both BFSI and retail verticals (together account for 46% of total revenue) would further moderate in Q3FY2020E owing to continued weak spending in the capital markets segment in the U.S. and large banks in Europe and delay in deal closures in the retail space due to slowdown in decision making. Management also expects higher impact of furloughs, lower...