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HCL Technologies Ltd Research Report - 25th Oct 2016

IT | Published on Oct 25th 2016

IT

HCL Technologies (HCL Tech) announced its results and they are more or less in line with expectations. The company posted a 1.9% sequential growth in USD revenues to US$1,722mn (V/s US$1,726mn expected and V/s US$1,691mn in 1QFY2017). On Constant Currency (CC) basis, the company posted a revenue growth of 2.8% qoq. The EBIT margins came in at 20.1% (V/s 20.0% expected), a dip of ~46bp qoq. Consequently, the PAT came in at Rs2,014cr (V/s Rs1,979cr), a dip of 1.6% qoq. For FY2017, the company gave a revenue growth guidance of 12.0-14.0% in CC terms, which translates into an 11.2% to 13.2% growth in US$ terms. The operating margin (EBIT) for FY’2017 is expected to be in the range of 19.5% to 20.5%. We maintain our Buy rating on the stock.

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CMP 811
Target Price 1,000
Investment Period12 Months

Stock Info

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Shareholding Pattern (%)

Promoter60.0
Foreign25.0
Institution8.0
Public & Others7.0
Corporate0.0
Grand Total100.0

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