TCS reported a revenue of USD6.7b in 4QFY22, up 3.2%/2.6% QoQ in constant currency (CC)/USD terms, but slightly below our estimate of 3.1% QoQ growth. Revenue in 4QFY22 was driven by Retail and Manufacturing, while regional markets and others remained weak. EBIT margin was flat QoQ at 25% in 4QFY22 (in line). Given its record high employee headcount of 35k and continued sub-contracting pressure (+5%...