The travel vertical contribution to revenues declined from 22% in Q4FY20 to 4% in Q1FY21 mainly due to its exposure to top client (~20% of revenues), which is in the travel vertical from European region. The company expects a gradual improvement in revenues from top client from Q2FY21E onwards and expects its contribution to improve from current ~3% of topline to ~10% of topline by Q4FY20E. Further, we expect other verticals like Independent Software Vendor (ISV), essential retail, utility and commodity service to improve in coming quarters. However, considering the significant...