We expect TCS to report moderate revenue growth in Q2FY25, impacted by muted performance in India with incremental weakness in retail and CPG growth. The revenue growth would likely be based on the BSNL deal and the pickup of US BFSI services. We expect the marginal margin expansion after the wage hikes in Q1 and overall operational efficiency. We also expect margins to improve because of INR depreciation. Going ahead, management commentary on the FY25 demand environment, margin outlook, and near-term deal visibility will be crucial factors to watch out for.