Over the period FY16-FY20, HCL Technologies (HCLT) delivered robust double-digit USD revenue growth of 12.4% CAGR (INR revenue CAGR of 14.6%) despite the fact that its peers were posting slower growth. And it did experience a slowdown in Q1FY21 (QoQ decline of 7.4%), the order pipeline and energetic client engagements are suggestive of growth coming back. The management enthused by these recent developments has guided for 1.5-2.5% QoQ constant currency growth for the rest of FY21 and margins are expected in the range of 19.5%-20.5%.