Direct International (DI) revenues were largely stable, while DXC revenue witnessed sharp decline (16% QoQ, CC). EBIT margin contraction was largely led by a sharp fall in While S&M; expenses remained stable (as % of revenue), pressure at the gross margin level was partially offset by G&A; rationalization (~150bp QoQ). While the DXC business (~20% of revenues) is expected to be under pressure in the near term, Direct International should continue to drive overall performance. While MRC of USD250m (up to Sep21) is still due, management expects the DXC In 1QFY21, revenue (USD) / EBIT (INR) / PAT increased by 3%/12%/4% YoY v/s International (DI) revenues were largely stable, while DXC revenue witnessed estimates. EBIT margin contraction was largely led by a sharp fall in utilization While S&M; expenses remained stable (as % of revenue), pressure at the gross margin level was partially offset by G&A; rationalization (~150bp QoQ).