The company expects weakness in the top client to continue in the next two quarters. Coupled with a significant dip in H1FY21 & sale of third party maintenance segment, we expect FY21E revenues to decline 12.0% YoY. In the longer term, we expect the company to register healthy growth in core revenues (i.e. excluding third party maintenance revenues) mainly led by improving order book (increased 16.7% QoQ in Q2FY21), deal pipeline (US$1.5 billion), net new wins and conversion ratio. This, coupled with bottoming out of retail vertical, improvement in cloud revenues and ramp...