TECHM's 4QFY21 USD revenue growth of 0.7% QoQ CC was below our already modest expectations. Communications was flat during 4QFY21, while the Enterprise business posted modest growth (1.1% QoQ CC). New deal wins of USD1.04b was the highest in five quarters and split equally between Communications (driven by the Telefonica deal win) and enterprise. EBIT margin increased by 60bp to a multi-year high of 16.5%, unlike our expectation of a 20bp QoQ dip. Increase in margin was led by further rationalizing of headcount (847 employee reduction), while...