We continue to believe that TCS' trinity of growth'-scale-durability is challenged in the near to medium term. While TCS' supply-side metrics continue to be industry leading (margins, attrition, offshore leverage), risks on the demand side with macros (Brexit) and client specifics across core verticals remain. Valuations amply factor the positives with unfavourable risk-reward at 23.7/21.2x FY21/22E. We maintain NEUTRAL on TCS following an in-line rev/strong operational performance. Supply/op metrics are improving while demand drivers (BFSI) remain soft. Our TP of Rs 2,025 is at 20x Dec-21E EPS (unchanged EPS est).