More importantly, continued traction in large deals, a healthy pipeline, and better resilience in BFSI are encouraging Management believes the worst impact of COVID-19 is behind (both in terms of revenue and profitability) even as some variables such as pricing and working capital cycles warrant a close watch. TCS reported revenue (CC) / EBIT / PBT/ PAT declined 6.3%/2%/11%/14% As in the case of Accenture, the Healthcare vertical reported robust growth (~14% YoY, CC), led by work related to contact tracing applications, etc. Over the medium term, we expect TCS to be a key beneficiary of the COVID-19-driven increase in technology intensity across Rich multiples (22x FY22E EPS) leave limited upside in the stock, in our view. In this vertical, while the UK and Canadian markets remained soft, Barring continental Europe (+2.7% YoY), key geographies such as North America (-6.1% YoY) and the UK (-8.5% YoY) reported declines.