We are shifting to DCF valuation as we continue to see 1) Client spending cost pressures from 1) increased hiring to backfill attrition and fulfill strong order book and 2) increased sub-contracting costs may persist. We note that companies have not changed their FY22 margin guidance, implying no further negative surprises and confidence of managing margins. We remain positive on IT Sector given 1) the sector is in initial phase of strong technology upcycle, 2) digital is becoming mainstream across all verticals, 3) sustained strong deal momentum and faster ramp up, 4) resilient operating...