India drags organic growth: 2QFY18 CC revenue growth stood at 0.9% QoQ, which implies flat revenue on an organic basis, in our view. Growth was driven by Engineering Services (4.4% QoQ CC) which should have some contribution from the IBM license arrangements. On a YoY basis, growth dropped from 12.2% CC in 1Q to 10.6%, and HCLT now expects growth at the lower end of the 10.5-12.5% band. India dragged 2Q performance (USD20m negative impact), excluding which growth in CC was 2% QoQ. HCLT's decision to get more selective here will weigh on FY18 growth....