1H17 results - strong execution solidifies our long-term conviction 1H17: solid growth for recurring business; expect more restructurings Conference call takeaways Risk:reward appears quite attractive Improving profitability more than offset the weak 1H top-line Buy: 1H17 results not as weak as they appear Buy: Strong profitability amid enhanced visibility Still struggling in the business transformation; Maintain Sell Hold: TCS management meeting – ‘beyond the obvious’ Daily prices and news: Geopolitical tensions lift gold to 9-month high