Our positive outlook is based on (1) Greater focus on large deals (56% YoY in 9MFY20 TCV on S&M velocity, partnerships), (2) Pricing lever in digital (highest digital growth in tier-1 IT), (3) Completion of accelerated investment phase & multiple levers to keep margin steady, and (4) Improving supply metrics (declining attrition, stable sub-contracting). We expect USD rev/EPS CAGR of 10/12% over FY20-22E factoring USD rev growth at 9.6/9.8/9.8% and EBIT% at 21.6/21.9/22.1% for FY20/21/22E. Risk-reward favourable with INFY valuations at ~30% discount (peak) to TCS. In-line rev/margin and a positive troika of rev guidance increase, attrition decline and Boards clean chit on whistleblower allegations marked 3Q. Maintain BUY (top pick in tier-1 IT) with TP of Rs 850, at 18x Dec-21E EPS (unchanged est/multiple).