On a consolidated basis, IT companies are expecting near term pain (at least in H1FY21E) led by a lockdown, pricing pressure, delay in deal signing and furloughs. Most of them expect a recovery to begin from H2FY21E and have assumed business as usual in new deal signing. However, we believe there will be a delay in new deal signings while recovery time can also stretch beyond H2FY21E. Further, in terms of margins, the company expects headwinds due to lockdown cost, pricing pressure, lower utilisation, cross currency headwinds and furloughs while tailwind is led by rupee...