4QFY20 revenue growth at 1.5% (QoQ, CC) was marginally behind our estimates, as weakness in DXC channel overshadowed the healthy performance in Direct. Direct Core segment has been the growth driver and has seen strong deal In terms of capital allocation, MPHL will maintain its 55-57% payout policy. Maintain Given the uncertainty in the environment, management hinted at a soft outlook on revenue growth. However, the company is confident of maintaining its margins by using levers such as increase in share of Fixed Price Projects, fresher hiring, pyramid rationalization, automation and reduced travel costs etc. Direct Core segment has been the growth driver and has seen strong deal wins, Geography wise, Americas declined 1% QoQ while growth in Europe / RoW grew strong at 8%/9%.