Revenues in constant currency grew 2.1% QoQ supported by consolidation of select IBM products acquisition. We believe the revenue run rate of IBM deal will stabilise ($625 million annually) in FY21E. Also, the company is seeing improved traction in its traditional business (Mode 1) where the pricing pressure has eased in renewals. Further, we expect Mode 2 to improve in subsequent quarters. Additionally, easing of seasonality pressure in products & platforms business within IBM driven by renewals would ensure growth. Taking all this into consideration, we believe the...