Mphasis' growth profile is supported by traction in Direct Core, sustainable recovery in Digital Risk (cross-sell) even as the FY17-19 DXC-HP growth delta fades. Strong deal trajectory (USD 189mn TCV NN in 3Q) largely in new-gen services, strong traction in T2-10 accounts and new logo/Blackstone portfolio (2 logos in T20) are expected to drive growth. Expect 10.3/12.1% USD rev/EPS CAGR over FY20-22E. We maintain BUY on Mphasis following a strong Direct Core-Digital Risk performance. Growth drivers in Direct Core are intact, but DXC-HP risks persist. Our TP of Rs 1,010 values Mphasis at 14x Dec-21E EPS (at 5-yr avg vs. 16x earlier) resetting target valuations to adequately reflect risk-reward.