TECHM's Q2FY21 result was a beat to our forecast. Revenue grew by 2.9% QoQ in CC (+4.8% QoQ in US$ terms). EBIT margin improved by a whopping ~410bps QoQ to 14.2% (6-quarter high) and was a big beat to our forecast. EPS of Rs12.2, +9.4%/-5.5% QoQ/YoY was also a beat. In Q2FY21, TECHM has secured large deals with TCV of US$421 mn (US$207 mn in Communications and US$214 mn in Enterprise business). We factor Q2FY21 beat and increase FY21/22E revenue forecast by 2.8%/2.4%, EBIT margin forecast by 354bps/126bps to 12.7%/12.5% and EPS by 14%/4%. We have introduced FY23 financials and forecast revenue/EPS CAGR of 9.5%/11.4% over...