HCLT has maintained its FY18 guidance - CC revenue growth guidance of 10.5%-12.5% and expects to achieve the lower-end of the band as it believes that the weakness in India business to continue in H2. EBIT margin guidance of 19.5%-20.5% has been maintained, in-line with our expectation. We largely maintain our FY18/19 revenue (US$)/EPS forecast which factors CAGR of 11.7%/11.1%. We maintain our TP of 1,038 based on 14x FY19E. HCLT continues to be our only BUY amongst IT large-caps. Key Highlights and Investment Rationale...