HCLT delivered a 2QFY22 revenue growth of 3.5% QoQ (CC), 40bp below our estimate. While the decline in the Products and Platforms vertical (-8% QoQ CC) due to a delay in deal closure was disappointing, Services (IT + ER&D;, 5.2% QoQ CC) came in better than expected. EBIT margin fell 60bp QoQ to 19% and was in line. The management reiterated its guidance of double-digit USD revenue growth and 19-21% EBIT margin for FY22, although it lowered its Products and Platforms growth to 0-1% (from low-single digits)....