Background: HCL Tech is the 4th largest IT services exporter offering offshore IT Services with revenues of INR 329.2bn (FY14), 91,691 employees. Revenue split: US - 56%, Europe - 32% & ROW - 12%. Service Mix: Custom App Serv - 28%, Infrastructure Services - 34%, Enterprise App Serv - 17%, Engg and R&D; - 16.4%, BPO - 4.6%. Fixed Price Contracts account for 56.5%. Major verticals are Manufacturing - 33.0%, Fin Serv - 26.8%, Healthcare - 10.7%, Retail - 8.5%, Telecom - 8.8%, Media8.8%, Public Serv-9.3% & Others - 2.9%. Has 5 clients in USD 100mn+.Ttop 10 clients account for 23.7%. 96% of business is repeat business, reflects effective mining of...