LTI reported a resilient Q1FY21, inline with our forecast on operational basis. Revenue declined by 4.7% QoQ in CC in-line our forecast of -4%. EBIT margin of 17.4%, improved 70bps QoQ, vs. our forecast of 17.1%. Further, higher treasury income resulted in EPS of Rs23.9, -2.4%/16.6% QoQ/YoY, being a big beat to our forecast. LTI has secured 1 large deal with net-new TCV of US$20 mn. It has added 1 more Fortune 500 client taking the total to 67. LTI confirmed that the deal pipeline is up 19% YoY. Further, it expects Q2FY21 revenue to see a QoQ growth. We largely maintain our FY21/22E revenue forecast but increase EPS forecast by...