Robust pipeline, improving quality of revenue, better utilization and favorable operating leverage should drive growth in upcoming quarters. However, we downgrade our rating to HOLD given the recent surge in stock prices with a revised TP of Rs. 463 based on 20x FY23E EPS. Improved performance across all sectors Revenue for Q3FY21 rose 1.3% YoY and 3.7% QoQ to Rs. 15,670cr (+3.4% QoQ CC basis) as revenue from IT services in dollar terms rose 3.9% QoQ to USD 2,071mn. On business unit basis, Consumer business rose sharply (+4.7%QoQ) on the back of deal...