18 January 2020 Seasonality in the Services business translated into tepid growth. Despite positive seasonality, the Products business reported a slight decline on an organic basis. Order booking during the quarter witnessed a dip. However, outlook on both growth and margins remained stable. We upgrade our EPS estimates over FY20-22 by 1-4% as we adjust our currency and ETR assumptions. As highlighted in our HCLT to be the key beneficiary of public cloud repatriation given its higher IMS exposure and stronger hybrid cloud capabilities. Reiterate Revenue growth for 3QFY20 stood at 16.5% YoY CC, EBIT grew by 18.9% YoY, while PAT grew by 16.4% YoY. Organic revenue growth was 0.7% QoQ (CC), slightly lower than our expectation of 0.8%. Incremental inorganic contribution (v/s 2QFY20) from acquired IBM products was ~USD41m (below est.