currently trading at 25% discount to TCS FY22E earnings multiple & we expect the discount to narrow down to 10-15%. Infy Q1FY21 results were beat in all parameters- Strong revenue beat & Margin performance, EPS beat & strong deal wins. Infy reported just -2% QoQ CC decline in revenues as compared to Ple -4.1%/Cons 5.5% QoQ CC. Limited revenue decline helped margin expansion as they started tight cost management from the beginning of the quarter. Infy posted a strong margin expansion of ~150bps QoQ to 22.7% (Ple: 20.6%, Cons:20.5%). Tailwinds were...