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Published on 7/12/2018 9:42:16 AM | Source: Reliance Securities Ltd

Buy HCL Technologies Ltd For Target Rs.1,220.00 - Reliance Sec

Posted in Broking Firm Views - Short Term Report| #HCL Technologies Ltd #IT Sector #Trading Report #Reliance Securities Ltd

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*  HCL Technologies’ stock price rose 1.5% in yesterday’s trade, while the BSE Sensex declined 0.7%.

*  HCLT’s 2QFY19 revenue rose 2.1% QoQ in USD terms (3% QoQ in CC terms), with Engineering Services growing 5.9% QoQ.

*  The IT major maintained its guidance of 9.5-11.5% revenue growth in CC terms for FY19E, while EBIT margin guidance was maintained at 19.5-20.5%.

*  Mode 1 revenue rose 0.3% QoQ in USD terms, Mode 2 rose 4.7% QoQ and Mode 3 rose 10.6% QoQ aided by Actian.

*  HCLT has consistently won $1 bn worth of new deals over the past few quarters, driving revenue visibility.

*  The IT major’s IP investments should bear fruit over the next few quarters, driving revenue/profit growth.

*  We expect HCL Technologies to report around 11% USD revenue CAGR over FY18-FY20E.

*  We have a BUY rating on HCL Technologies, with a target price of Rs 1,220.


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