BUY with TP of Rs 1,130 (15x FY20E). HCL Tech (HCLT) posted in-line revenue and operating performance. Revenue stood at USD 2,038mn, 1.2/8.2% QoQ/YoY (CC terms) and FY18 growth at 10.5% YoY. For FY19, HCLT guided rev growth at 9.5 to 11.5% YoY CC (4.25 to 6.25% YoY organic including -1% impact from decline in India SI business). EBIT margin was flat sequentially at 19.6% (19.8% in FY18) and maintained its EBIT% band of 19.5 to 20.5%.