HCL Technologies' (HCLT) Q1FY21 revenue decline of 7.2% QoQ in CC was in-line with our forecast of a decline of 7.8%. However, HCLT was able to limit the decline in EBIT margin to 40bps QoQ to 20.5% (vs. our forecast of 19%) through its cost saving initiatives. EPS of Rs10.8, -7.3%/+31.6% QoQ/YoY was also beat to our forecast. HCLT has reinstated its FY21 guidance with revenue CQGR of 1.5% to 2.5% in CC, implying -2.3% to -0.8% YoY decline for FY21, and EBIT margin of 19.5% to 20.5%. We largely maintain our FY21/22 revenue forecast and increase EBIT margin forecast by 100bps/25bps to 19.8%/20.2%. We also increase FY21/22E EPS by 5.9%/6.6%. We...