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HCL Technologies is a next-generation global technology company that helps global enterprises transform their businesses through digital technology transformation.
Strong positioning in high-growth Engineering Services business and strong outlook for Digital and Products & Platforms businesses will help in delivering revenue growth going forward.
On profitability front, we expect company to report operating margins of around 22.9% in FY19E and 23.2% in FY20E.
HCL TECH focuses on providing an integrated portfolio of services under lined by its Mode1–2–3 growth strategy.
Mode1 encompasses the core services in the areas of Applications, Infrastructure, BPO, Engineering and R&D services ,leveraging autonomic to transform clients 'business and IT landscape ,making them' lean 'and' agile.
Mode 2focuses on experience–centric and outcome–oriented integrated offering so Digital &Analytics ,IoT Works, Cloud Native Services ,Cyber Security and GRC services to drive business out comes and enable enterprise digitalization.
Mode3 strategy is ecosystem–driven which focuses on creating innovative IP–partnerships to build products and platforms business.
Q2FY19
HCL Technologies reported good set of numbers in Q2FY19, Consolidated revenue came in at Rs.14,861 crore; up 7.1% QoQ and 19.5% YoY, Net Income came in at Rs. 2,540 crores;up 5.7% QoQ & 16.1% YoY. Overall, the results are in line.
We initiate our coverage on HCL Technologies with a BUY rating and target price of Rs 1182 per share.
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