While TECHM's Q3FY21 revenue was in line to our forecast, EBIT margin was a big beat. Revenue grew by 2.8% QoQ in CC (+3.4% QoQ in US$ terms). EBIT margin improved by ~173bps QoQ to 15.9% (8-quarter high) and was a big beat to our forecast. EPS of Rs15, +22.9%/+14% QoQ/YoY was also a big beat to our forecast. In Q3FY21, TECHM has secured large deals with net-new TCV of US$455mn. TECHM confirm that the dealpipeline remains robust and it is confident of TCV improving in Q4 and beyond. We factor Q3FY21 beat, largely maintain our revenue forecast and increase FY21/22/23E EBIT margin forecast by 122bps/176bps/134bps to 13.9%/14.2%/14.1% and EPS by 7.9%/10.8%/7.8%. We now forecast revenue/EPS CAGR of 8.9%/11.3% over...