Q1FY18 revenue growth of 2.6% QoQ in CC was slightly lower than our forecast of +2.8%. However, EBIT margin of 20.1% beat our forecast of 19.8%. Further, higher FX gain aided EPS of Rs15.2, -7.6%/+5.1% QoQ/YoY which was also a beat. HCLT has maintained its FY18 guidance - CC revenue growth guidance of 10.5%12.5% and EBIT margin of 19.5%-20.5%, in-line with our expectation. We largely maintain our FY18/19 revenue (US$)/EPS forecast which factors CAGR of 12.1%/11.3%. Our TP of 1,038 (from Rs1,027) is based on 14x FY19E. HCLT continues to be our only BUY along with Infosys (INFO) amongst IT large-caps. Key Highlights and Investment Rationale...