View: Lower margin guidance for FY20, key disappointment HCLT reports strong revenue & PAT in Q4FY19; however, margins missed estimates. The management guided for revenue growth at 14%-16% in CC terms for FY20 which translates to 13.4%-15.4% in USD terms. HCLT reported revenue growth of 11.8% (CC terms) in FY19 which exceeded its upper end guidance. We estimate a USD revenue growth of 13.7%/10.3% in FY20E/FY21E, driven by healthy growth in digital services. Healthy USD revenue growth offsets the negative impact on account of change in our...