While the jury is out on the acquired IBM products (early days with ~1,500 renewals of the 25,000 base), (1) Services cross-sell & market opportunity, and (2) Superior operating profile justify the increased capital intensity. HCLT's organic growth (highest in tier-1 IT) acceleration from ~5% to >10% has been impressive supported by large deal wins and IMS/ER&D business 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 customer attrition in HCL Software division. We maintain BUY on HCL Tech (HCLT) following a margin beat/rev guidance increase and unchanged est. Organic business momentum continues to be strong and IBM integration on track (key monitorable). Our TP is Rs 1,250, at 14x Sep-21E EPS and it is our preferred pick in tier-1 IT.