Healthy Operating Performance on Strong Deal Execution; FY20 Guidance Maintained HCL Technologies (HCLT) reported robust revenue growth of 4.2% in CC terms in 1QFY20, while USD revenue rose by 3.8% QoQ to US$2,364mn (1.7% above our estimate). This included 50bps growth from acquired entity, Strong-Bridge Envision (SBE). Ex-acquisition, revenue growth came in at 3.3% QoQ in USD terms and 3.7% QoQ in CC terms. Segment-wise, revenue from Products & Platforms business grew by a strong 7.1% QoQ in USD terms, while Engineering and R&D; (ERD) revenue clocked a healthy 5.7% QoQ growth. IT and Business Services, its largest segment, saw a decent 3% QoQ USD revenue growth. EBIT margin declined by 193bps QoQ to 17.1%, below...