151bps QoQ at 15.2% in Q2 slightly higher than our estimates of 14.7% by 52bps. Management expects margins to further improve in Q4 led by margin levers (utilization, offshore mix, pyramid, attrition) and higher growth in Telecom & Hi-tech segment. Guidance came in line with our estimates of 6.5% (Ple: 6% decline) revenue decline for FY21E. We had released a detailed report in December on ER&D; sector, where we have mention how ER&D; spends will pick up in coming quarters. link Management mentioned that ER&D; spends remains strong across all...