Maintain BUY with a TP of Rs 1,000, 14x FY19E. HCL Tech (HCLT) posted in-line revenue and operating performance in 2QFY18. Revenue stood at USD 1,928mn, 2.3% QoQ (0.9% CC and +140bps cross currency). Growth was impacted by a decline in India business (USD 20mn impact), with an additional decline USD 50mn expected in 2H, owing to completion of SI projects. HCLT also extended its IP partnership with IBM and new IP partnerships (DXC, Alpha Insights) to grow its Mode-3 business. EBIT% of 19.7%, -41bps was impacted by wage hike (-40bps impact), with onsite/offshore hikes of 1.5/5% respectively.