TCS's Q4FY20 revenue decline of 2.5% QoQ in US$ was a miss. However, EBIT margin remained resilient at 25.1%, +7bps QoQ and inline with our forecast. As a result, EPS of Rs21.5, -0.8%/-0.9% QoQ/YoY was in-line with our forecast. In Q4, TCS has secured deals with TCV of US$8.9 bn (a new high) taking the TCV for FY20 to US$26.9 bn. TCS believes that the worst as regards the impact of Covid-19 pandemic is yet to come. It expects the peak impact in Q1FY21, however, given its deal wins and pipeline it expects its performance to improve in H2FY21. We factor Q4FY20 miss and cut FY21E/22E revenue (US$) by 2.8%/2.6% and EPS by...