HCL Technologies' (HCLT) Q4FY20 revenue growth of 0.8% QoQ in CC was in-line with our forecast. EBIT margin of 20.9%, +65bps QoQ, was higher than our forecast of 19.8%. Further, EPS of Rs11.6, +3.7%/+22.7% was also beat to our forecast. Given the uncertainties due the Covid-19 pandemic HCLT suspended giving annual guidance, in line with our expectation. While it expects severe impact for Q1FY21, it expects stability in Q2 and pick-up in growth from Q3 onwards. We largely maintain our FY21/22E revenue but increase EBIT margin by 100bps/175bps to 18.8%/19.9%. We also increase FY21/22E EPS by 3.6%/6.6%. However, given the...