Commentary around defending margins, healthy deal wins (USD150m), and a robust We upgrade our EPS estimate for FY21/FY22E by 5%/0% as we adjust our revenue growth assumptions and margin trajectory post the beat during the In 1QFY21, revenue (USD) / EBIT (INR) / PAT decreased by 15%/13%/7% YoY v/s our estimate of 17%/32%/30% YoY. The USD1.5b deal pipeline (v/s USD1b in 4QFY20) remains healthy, with robust demand in Cloud and Infrastructure Services and Digital Application Across verticals, Retail is expected to stabilize by 2QFY21 and grow in 2HFY21. We value the stock at ~10x FY22E 1Q revenue was impacted as clients ramped-down some projects as part of their immediate cost-control initiatives in response to COVID-19. Decline was The USD1.5b deal pipeline (v/s USD1b in 4QFY20) remains healthy, with robust demand in Cloud and Infrastructure Services and Digital Application Services. In 1QFY21, revenue (USD) / EBIT (INR) / PAT decreased by 15%/13%/7% YoY v/s Revenue decline of 4.8% QoQ (CC) was lower than our expectations.