COVID-19 uncertainty remained a key overhang on We upgrade our EPS estimate for FY21/22E by 9%/15% as (1) we rebase our exchange rate assumptions and adjust our margin trajectory post the beat In 4QFY20, revenue (USD)/EBIT (INR)/PAT decreased 5%/11%/20% YoY (v/s est. Africa grew 7% while EBIT margins posted a robust recovery to 9.8% (~700bp QoQ, higher than our optimization (200bp), (3) Change in service mix ( 80bp). The company does not see any need of goodwill impairment in its acquired Barring FY19 when Zensars overall revenue growth (including inorganic) came close to that of its mid-cap peers (mostly organic), the stock always traded at steep discount to the sector (~8-10x one-year forward P/E). Revenue declined ~1.5% QoQ (CC) due to (1) COVID impact (-4.5 pp), (2) change in revenue mix (-2 pp) and (3) abscence of one-offs which were there in 3QFY20 (+6% QoQ, CC), other verticals reported sequential decline.