According to domestic brokerage Edelweiss Securities, here are the five things that need to be closely watched in TCS Q1 earnings: 1) revenue growth traction of digital services; 2) management commentaries on clients budgets; 3) growth in key verticals such as BFSI, manufacturing, retail, healthcare, etc; 4) pace of local hiring due to expected changes in visa regime; and 5) pace of commoditisation of legacy business and impact of same on demand outlook.