MPHL's 2QFY22 performance was led by a 9.9% CC QoQ growth in the Direct business, while the DXC vertical (6% of revenue) again declined (-24.5% QoQ CC). EBIT margin adjusted for one-time M&A; charge remained stable (-10bp QoQ). It reported a net new deal TCV of USD241m in 2QFY22. With the management reiterating its industry-leading growth guidance in the Direct business, the standout growth in Direct should continue (34% YoY in FY22E). We see a strong new-gen deal pipeline (+13% QoQ/28% YoY) as a testimony to the strength of the demand environment. This should lead to...