Wipros ability to control costs and collections justifies the improvement in EBIT margin/cash conversion, despite the sharp drop in revenue. While full impact of the COVID-19 pandemic on pricing and Working Capital (WC) cycle is yet to play out, Wipros outlook on managing margin stability (v/s Jun20) and healthy cash conversions are impressive. Additionally, other factors in favor are playing out, such as (a) upside of a turnaround under a new CEO/strategy, and (b) We upgrade our FY21/FY22E EPS by 6%-12%, largely led by margin surprise. As the company enters 2QFY21, deal activity is expected in Consumer, Technology and Communications while it remains cautious in In BFSI, there is good demand around RTB and cost optimization spends. As the company enters 2QFY21, deal activity is expected in Consumer, Technology and Communications while it remains cautious in other verticals. Thought visibility has improved slightly (v/s Mar20), management has refrained Near-term focus is on tightly controlling incremental spends.