HCL Tech reported largely in-line revenue performance, while EBIT margin and net profit beat our estimates. Constant currency (CC) revenue declined 7.2% q-o-q, broadly in-line with our estimates, owing to supply-side constraints due to COVID-19 (1/3rd of total revenue impact from COVID) and reduction of revenue from offshoring of a large deal. IT and business services (down 7.8% q-o-q CC) and engineering R&D; (down 9% q-o-q CC) were the key drags on revenues owing to exposure to troubled verticals and asset heavy industries. EBIT margin contracted 36bps q-o-q to 20.5%, beating our estimates, owing to increased amortisation due to...