TECHM's Q1FY21 result was a beat to our forecast. Revenue declined by 6.3% QoQ in CC vs. our forecast of -8.8%. Despite this decline, EBIT margin remained flattish QoQ at 10.1%, much higher than our forecast of 8.8%. Further, higher other income resulted in EPS of Rs11.2, -4.9%/+1.2% QoQ/YoY being a big beat to our forecast. In Q1FY21, TECHM has secured large deals with TCV of US$290 mn (US$105 mn in Communications and US$185 mn in Enterprise business), much lower than the quarterly run-rate of US$928 mn in FY20. However, TECHM allayed concerns and expects TCV to significantly improve from Q2 onwards....