In a seasonally soft quarter, TCS reported weak growth (~0.3% QoQ, CC) dragged by key segments like BFSI and US. Near-term outlook was soft due to overhang in areas like large banks/retailers in the US and banks in the UK. Its industry leading growth, RoCEs and leadership stability will likely defend the premium However, the soft outlook for the near term and rich multiples (~23x FY21 EPS) should limit the upside in the stock. Everything else remaining constant what this implies is that, over the long term, the market is willing to pay a higher multiple for the same (or even lower) growth and RoCEs. This indicates that multiples are definitely pricing in premium for softer aspects like continuity in leadership, strategy etc. which are key for the long-term TCS trades at a rich multiple of 23x FY21 EPS. Its industry leading growth, RoCEs and leadership stability will likely defend the premium multiples over the long term.