TCS's Q3FY20 results were in line with our expectation. Revenue grew by 1.3% QoQ in US$ vs. our forecast of 1% QoQ. Despite of muted revenue growth, TCS's EBIT margin saw a sharp improvement of 100bps QoQ to 25% (vs. our forecast of 24.6%). TCS continues to demonstrate strong EBIT margin management capabilities. EPS of 21.6, +0.9%/+0.2% was in-line with our forecast. TCS maintained the deal win momentum with TCV of ~US$6 bn which takes the 9MFY20 TCV to US$16 bn implying a ~22% YoY gowth....