HCL Technologies' (HCLT) Q3FY21 revenue growth of 3.5% QoQ in CC was slightly higher than our forecast of +2.9%. However, EBIT margin saw a strong improvement of 130bps to 22.9% and was a beat to our forecast. EPS of Rs14.7, 25.7%/+31% QoQ/YoY (aided by lower ETR) was even bigger beat to our forecast. Q3FY21 saw 13 transformational deals and HCLT is confident of improving the deal-win momentum going forward. It has increased its Q4FY21 revenue guidance to 2%-3% QoQ vs. 1.5%-2.5% earlier and FY21 EBIT margin guidance to 21%-21.5% vs. 20%-21% earlier. We factor the Q3FY21 beat, guidance and increase our FY21/22/23 revenue (US$)...