Despite the organic growth moderation in FY21E as compared to FY20E in the absence of mega deals, HCLT's growth leadership is intact supported by (1) Strongest-ever deal pipeline and improvement in conversions, (2) Enhanced services/product bouquet with large cross-sell opportunities. Superior operating profile and cross-sell synergies, make up to some extent for the capital intensity and longevity concerns of the product business. Expect USD rev/EPS CAGR at 12/9% over FY19-22E. We maintain BUY on HCL Tech (HCLT) following a better than expected rev/margin performance (P&P; led) and ~2% increase in EPS. Traction in P&P; business is encouraging and strong pipeline to support organic growth. Our TP of Rs 665, implies 14x Dec-21E EPS.