EBIT margins were broadly in line across Tier-I companies. TechM was the only exception as it surprised negatively on the margins front (fell 60bps qoq), affected adversely by transition costs related to large deals. It is expected to undershoot its FY20 margin outlook. Order intake was weak, although companies remain confident about a pick-up in bookings in Mar'20 quarter, aided by pipeline. Companies continue to indicate increased targets of fresher hiring for FY21, providing further evidence around our sector thesis. We continue to expect a further moderation in growth for the IT Services sector as a whole....