HCL Technologies (HCL Tech) reported better-than-expected results for 2QFY2016. It posted a sales growth of 1.4% qoq to US$1,566mn V/s an expected US$1,568mn. In constant currency (CC) terms, revenue grew 2.1% qoq. On the operating front, the EBITDA margin came in at 21.5% (V/s an expected 20.9%) an uptick of 58bp qoq. Consequently, the PAT came in at Rs1,920cr (V/s an expected Rs1,739cr), a growth of 5.3% qoq. On back of a strong order book, the company expects 2HFY2016 to be better than 1HFY2016. We maintain our Buy recommendation on the stock with a price target of Rs1,038. Quarterly highlights: The company has reported better-than-expected results for the quarter. It posted a sales growth of 1.4% qoq to US$1,566mn V/s an expected US$1,568mn. In constant currency (CC) terms, revenue grew 2.1% qoq. In CC terms, the key geography which drove sales was Americas, which grew 5.5% qoq; while Europe and ROW posted a dip of 2.4% qoq and 3.4% qoq, respectively. On the operating front, the EBITDA margin came in at 21.5% (V/s an expected 20.9%) an uptick of 58bp qoq. Consequently, the PAT came in at Rs1,920cr (V/s an expected Rs1,739cr), a growth of 5.3% qoq. On the productivity...