Revenue Misses; Strong Positioning in Key Segments to Drive Growth HCL Technologies (HCLT) delivered a modest performance in 1QFY19 with USD revenue rising by paltry 0.8% QoQ (0.8% below our estimate), while in CC terms it rose by 2.7% QoQ. Segment-wise revenue was led by BPO, which grew 34.4% QoQ, aided by consolidation of C3i Solutions. Engineering and R&D; Services business grew by 2.9% QoQ. On the flip side, while Core Application Services witnessed sustained pressure with 1.2% QoQ decline in revenue, IMS revenue fell by 2.2% QoQ. Led by higher employee cost, EBIT margin missed our estimates by 29bps. Looking ahead, the IT major has maintained earlier CC revenue growth guidance...