The key disappointment in Infosys\u2019 Q4 result was miss in margin (Ebit at 21.4%) even against muted expectations (22.1% vs. 22.6% in Q3) though FY20e guidance of 21-23% was in line and suggests scope for improvement. Revenue growth at 2.1% q-o-q & FY20e growth guidance of 7.5-9.5% were also slightly lower; however, strong deal TCV of $1.6bn bn in Q4\/FY19 vs. $3.1 bn in FY18 and robust demand environment for digital services keeps us optimistic on growth. Miss on multiple fronts in Q4 Infosys\u2019 Q4FY19 results missed expectations on multiple fronts: (i) revenue growth of 2.1% q-o-q const. ccy was slightly weaker than our estimate of 2.5%; (ii) FY20e growth guidance of 7.5-9.5% y-o-y const. ccy was also tad lower than expectation of 8-10%; (iii) the biggest disappointment was Ebit margin at 21.4% well below already muted expectation of 22.1% implying sharp 120bps decline q-o-q. It also announced a final dividend of `10.5\/share taking full year dividend to `21.5; buyback of `82.6 bn is in progress. Deal win momentum continues, growth outlook remains positive The miss in Q4 growth was mainly on account of client-specific issues as per management. High large deal TCV of $1.6 bn in Q4 bn in FY19 (vs. $3.1 bn in FY18) and strong demand environment for digital services despite macro headwinds gives us confidence that Infosys will deliver double-digit y-o-y growth in FY20e. Even in FY19 it achieved 9% y-o-y growth vs. initial guidance of 6-8%. Expect margin improvement in FY20e Management attributed 120bps q-o-q margin decline to (i) -70bps due to lower utilisation; (ii) -40bps due to large deal ramp-up (rebadging in Verizon); (iii) -30bps for higher investment; (iv) -30bps INR appreciation partly offset by (i) +40bps lower provision and (ii) +40bps one-offs in Q3. Investment in sales has been completed and localisation effort in US is close to target of 10k. Utilisation decline, high sub-contracting expenses is a result of strong demand and should improve over time. We expect INR depreciation to remain a tailwind. Infosys\u2019 track record also suggests it has consistently delivered close to mid-point of initial margin guidance. As a result, we expect margin improvement in FY20e against Q4 base, post wage hike impact in Q1. Cutting estimates, maintain Buy We cut estimates to reflect lower margin of 22-22.5% over FY20-21e vs.23-23.5% earlier which is partly offset by better growth. Our price target, based on 18x FY21e, increases slightly to `835 (prev. `820) as we also roll forward our estimates by a quarter. We maintain Buy rating on the stock as we expect growth momentum to continue.