Maintain BUY with a TP of Rs 1,100, 15x Dec-19E EPS. HCL Tech (HCLT) posted revenue higher than estimate, supplemented by increased scope in Mode-3 services. Revenue came at USD 1,988mn, 3.1% QoQ (3.3% CC as compared to TCS/INFY/Wipro at 1.3/0.8/0.9%). Growth was skewed with ER&D; at 13.6% QoQ (95% of incremental sequential growth) contributed by (1) Organic growth in ER&D;, (2) Traction in PLM business (acquired Geometric entity), and (3) Strong IPR (supplemented by strong IBM seasonality and new IP partnerships).