HCL Technologies' (HCLT) Q2FY21 revenue growth of 4.5% QoQ in CC was slightly higher than our forecast of +3.9%. However, EBIT margin saw a strong improvement of 110bps to 21.6% (23 quarter high) and was a beat to our forecast. EPS of Rs11.6, +7.5%/+18.5% QoQ/YoY was also beat to our forecast. HCLT has maintained its revenue growth guidance at CQGR of 1.5% to 2.5% in CC for H2FY21, implying 0% to 0.7% YoY growth for FY21. However, it has now guided for EBIT margin 20%-21% for FY21 vs. 19.5%-20.5% earlier. We factor the Q2FY21 beat, FY21 guidance and increase our FY21/22 revenue (US$)...