We have marginally cut our FY21/FY22E EPS estimates as we build in heavier pricing pressure, the impact of which is partially offset by the change in our In 4QFY20, revenue (USD)/EBIT (INR)/PAT increased 4%/7%/6% YoY (v/s our As client approvals for WFH were not received in certain cases, revenue INFO witnessed broad-based decline across geographies with its Indian business witnessing the most pronounced impact (-8.5% QoQ, USD). While there would not be COVID-19 related lay-offs, involuntary attrition related Suspension of salary hikes, promotions, incremental hiring and reduction in travel costs, capex and discretionary spends are key margin defenses. In 4QFY20, revenue (USD) / EBIT (INR)/PAT increased by 4%/7%/6% YoY (v/s our INFO witnessed broad-based decline across geographies with its Indian business witnessing the most pronounced impact (-8.5% QoQ, USD). However, we take a leap of faith in the companys ability to navigate through these issues given its historical track record of adapting to multiple business We expect INFO to be a key beneficiary of recovery in IT spends in FY22E.