Strong deal wins (FYTD TCV of 867mn; +64.0% YoY), deal pipeline up +50% YoY provide growth visibility for FY22 for Direct business. Mphasis negatively surprised us due to soft growth in revenues at 333.9$ Mn, +2% QoQ USD (Ple: 2.7% QoQ CC, 3% QoQ USD) led by 17.5% decline in DXC...