HCL Technologies' (HCLT) Q4FY21 revenue growth of 2.5% QoQ in CC was in-line with our forecast of +2.9%. However, EBIT margin of 16.6%, -630bps QoQ (20.3% Ex-one time pay out to employees) was a big miss to our forecast of 19.2%. As a result, EPS of Rs8.8, -40%/24% QoQ/YoY was also a big miss. For FY22, HCLT has guided for a double-digit revenue growth in CC, in-line with our expectation. However, EBIT margin guidance of 19% to 21% (vs. 21.3% ex-one time payout to employees for FY21) is lower than our expectation. We factor EBIT margin miss in Q4FY21 & FY22 guidance, higher ETR and cut our FY22/23...