Also, the ongoing forced attrition may impact employee morale, posing further growth challenges (like in case of Cognizant). Given the subdued outlook on growth/margins and the potential risks because of softer aspects, we Downgrade to Neutral, valuing it at 11x one-year forward P/E. One-off investment associated with conversion of a project in Transportation (from T&M; to Risk-Reward) impacted growth and margins. In addition, the ongoing forced attrition may impact employee morale, posing further growth challenges (like in case of Cognizant). Given the subdued outlook on growth/margins and the potential risks because of softer aspects, we Downgrade to Neutral, valuing it at 11x one- Revenue decline in 3Q was mainly due to the lower number of working days, coupled with high onsite deployment in Aero & Defense vertical. The outlook on key verticals like Aerospace & Defense (~35% of revenue) In addition, the ongoing forced attrition may impact employee morale, posing further growth challenges (like in case of Cognizant).