View: Growth traction improves, margin recovery crucial for rerating HCL Tech reported strong revenue performance in Q1FY20 with a 4.2% CC terms QoQ growth in revenues, with almost 88% of the incremental revenue contribution being organic (our estimate at 2.4%). Profitability however was lower than expectation with a 190bps QoQ decline at 17.1% as against our expectations of 90bps cut on account of unexpected hit of ~110bps in the Engg R&D; segment. Despite the slip in OPM performance in Q1, Management has retained its guided band of 18.5%-19.5% as it...