While TECHM's Q4Y21 revenue was slightly lower than our forecast, EBIT margin was a beat. Revenue grew by 0.7% QoQ in CC (+1.6% QoQ in US$ terms). EBIT margin improved by ~55bps QoQ to 16.5%, a 25-quarter high. However, recurring EPS of Rs13, 13.7%/+10.5% QoQ/YoY was a miss, impacted by FX loss and higher ETR. In Q4FY21, TECHM has secured new deals with TCV of US$1,043 mn and is confident of similar run-rate in Q1FY22. For FY22, TECHM has guided for a double-digit revenue growth and EBIT margin of 15%+, higher than our expectation and vs. 14.2% in FY21. While we factor higher EBIT margin for FY22/23, it gets largely offset by higher ETR. We fine-tune our forecast to revenue/EPS CAGR of 9.5%/13.3% over FY21-23. We maintain...