Things to monitor for Q4FY21E 1) Conversion of large deal pipeline, 2) Margin headwinds and 3) Annual budgeting exercise. will decline a bit in coming quarters on account of wage hike and bonuses, but will comfortably remain 100-150bps higher than pre-Covid levels in FY22. We expect TCS, INFY, Wipro to lead growth in Tier-1 and LTI, MTCL, LTTS in Tier-2. We expect Infy to guide 12-14% YoY CC revenue growth & 22-24% EBIT margin guidance for FY22E. Similarly, HCLT can give revenue guidance of 10-12% YoY CC and margin guidance of 20-21% for FY22E. We expect...