forecast of a 2.5% growth. Further, EBIT margin improvement of 30bps QoQ to 20.4% also beat our forecast. EPS of Rs14.7, +2.8%/+7.6% was in-line with our forecast. HCLT has extended its IP partnership with IBM to additional products in the areas of Application security, B2B data transformation, Testing automation and Mainframe management tools. It would invest ~US$155mn in the same taking its total investment to US$555mn in the partnership. HCLT has reiterated it FY17 guidance 1) organic revenue growth of 12%-14% in CC, expects to achieve growth in the middle of the range and 2) EBIT margin of 19.5%-20.5%. We largely maintain our forecast of FY16-18 revenue/EPS CAGR of 12%/11%. We believe that this...