Engineering ACV has been over 300mn$ for 4 consecutive quarters (vs ~100200 mn$ pre-covid); In 3QCY21 it is up 40% QoQ and 300% YoY (Exhibit 2). modernization as reflected by 29% YoY increase in ADM (Application Development and Maintenance) activity. Supply side pressures are expected to persist in the near term, but will ease within 2-3 quarters with a strong fresher intake and better pricing for new deals (4% higher as compared to 2019). We believe strong revenue momentum for Indian IT companies will continue over FY22/23E given ISG's 1) 100bps upgrade in Managed Services ACV, 2) positive commentary on IT...