Maintain BUY with TP of Rs 1,155 (15x FY20E). HCL Tech (HCLT) posted a soft 1Q. However, guidance/deal wins are indicative of acceleration ahead. Revenue at USD 2,055mn was 2.7/8.5% QoQ/YoY in CC with impact of India-SI business decline (USD 12mn, -0.6% QoQ impact). EBIT% was flat at 19.7%, 7bps QoQ as gross margin decline (C3i integration, deal transition) was offset by lower SG&A;%. APAT at Rs 24.03bn was supported by a lower tax rate.