HCLT's recovery in organic growth trajectory (converging with larger peers TCS/INFY) is impressive. With continuity in strong deal wins (78 transformational wins in FY19) and focus on integrated deals across Apps/IMS/ERS (40% of pipeline), the growth trajectory looks sustainable. Expect USD/rev CAGR of 14/9% CAGR over FY19-21. Favourable risk-reward with valuations at 12.8x FY21E (lowest in tier-1 IT trading at >20% discount to Wipro). Key risks include adverse visa regulation, escalating macro headwinds (trade war) and integration of product portfolio. We maintain BUY on HCL Tech following a slight beat in 4Q. Strong (inline) guidance offset by margin cut. Our TP is Rs 1,250, valued at 14x FY21E EPS.