We believe that post last 4 quarters of decelerating growth HEXW is a strong re-rating candidate but ongoing de-listing process only will drive the stock price in near-medium term. HEXW trades at 15.1X CY21 below peers with renewed growth & margin profile. Due to strong beat on fundamentals, strong deal wins & better commentary We upgrade to Buy from Reduce. We value Hexaware on 17X CY22 earnings to arrive at a changed TP of Rs.476. HEXW's 2QCY20 revenue stood at USD 208mn, declining 0.9% cc QoQ, well above our expectations of 6.1% cc QoQ decline. Supply side issues had an...