While the jury is out on the acquired products of IBM, (1) Synergies with services (product differentiation), (2) Cross-sell/market opportunity, and (3) Better margins justify the increased capital intensity. We are more impressed with the recovery in organic growth trajectory (converged with larger peers), supported by large deal momentum (Nokia, Broadcom, Xerox) and differentiation in IMS (benefiting from vendor consolidation) and ER&D (scale). Expect USD rev/EPS at 12/9% CAGR over FY19-22E. Key risks include escalation in client specific headwinds impacted by adverse macro and scaling HCL Software division. We maintain BUY on HCL Tech (HCLT) following a strong revenue and tad lower margin performance. Organic growth momentum is strong and integration of IBM products (key monitorable) will keep growth at top-end of guidance and margin at the lower end. Our TP is Rs 1,250 at 14x Jun-21E EPS.