Indian IT's increased investments in (1) Re-skilling, (2) Localisation/near-shore (HCLT - Canada, Lithuania; Wipro - Virginia, Melbourne), (3) Platforms and partnerships (HCLT-GCP; Wipro-Mulesoft) continue to augment its digital prowess with increasing penetration across the portfolio. Headwinds such as (1) Tighter cost controls by enterprises/clients (particularly in large BFS), and (2) Elevated onsite metrics (localisation, sub-contracting) persist. However, we expect a steady 2020 as reflected in strong deal pipelines and continuity in large deal wins (TCS-Phoenix, INFY-Telenet, Siemens, Arlanxeo, Wipro-Olympus) and stable outlook/guidance increase by Accenture. Revenue growth in our coverage universe in 3Q FY20 will remain steady (+1.7/7.6% QoQ/YoY vs. 8.3% YoY in 1HFY20) in a seasonally weak quarter. Margins are also likely to be steady supported by INR, cross currency (GBP), offset by furloughs and wage increase for select companies. Within the sector, tier-1 IT will deliver +1.6/7.5% QoQ/YoY (vs. 8.3% YoY in 1HFY20) and tier-2 IT is expected to post +2.1/7.9% QoQ/YoY (vs. 8.7% YoY in 1HFY20).