of 12-14%) despite low TTM TCV of $9.5 bn (vs $14.1 bn last year) led by largest ever large deal pipeline, strong client metrics and net new wins (40% in FY22) indicate Infy's ability to capitalize strong demand environment. We have already baked in 13.8% YoY USD growth for FY23, however negative surprise in margins can be a drag on FY23 EPS. Infy has already reported EBIT margin guidance of 21-23% for FY23 factors in headwinds from supply deeper digital capabilities and potential drop in utilization levels. We assign DCF based TP of INR 1899 (earlier: 2204) with implied target...