In 4QFY20, revenue (USD) / EBIT (INR)/PAT increased 1%/5%/-1% YoY (v/s TCS deal win TCV of USD8.9b (+44% YoY, ex-Phoenix deal) despite the COVID-19 shock during 4QFY20 was impressive. The pandemic is expected to pose continued near-term challenges on demand, supply, pricing and working capital fronts. The COVID-19 pandemic is expected to pose continued near-term challenges on demand, supply, pricing and working capital fronts. In 4QFY20, revenue (USD) / EBIT (INR)/PAT increased 1%/5%/-1% YoY (v/s our estimates of 3%/4%/-2% YoY). For FY20, revenue (USD) / EBIT (INR) / PAT grew BFSI saw sharp revenue decline (~4.8% QoQ, USD); we understand this is due to difficulty in securing approvals for work from home (WFM). Life Sciences and Healthcare (+3.3% QoQ, USD), Technology and Services (+0.9% QoQ, USD) and Communications (+0.2% QoQ, USD) remained outliers to the Despite an expected stretch on working capital cycle, the company increased its.