Good Quarter; FY20 Guidance Implies Healthy Revenue, but at a Cost HCL Technologies (HCLT) reported revenue growth of 3.3% in CC terms in 4QFY19, while USD revenue rose 3.5% QoQ to US$2.28bn led by a robust 7.3% QoQ CC growth in IMS revenue. Impressive growth in IMS is the biggest positive, with YoY growth hitting double-digit for the second successive quarter (21.9%). On the flip side, ER&D; services and Business Services declined by 3% QoQ and 5.8% QoQ, respectively. Management had alluded to growth momentum continuing in 2HFY19E two quarters ago, and the company has delivered in 3QFY19 and 4QFY19, aided by robust traction in Infrastructure-as-a-Service (IaaS) with enterprises investing substantially in...