HCL Technologies reported a Q3 net income of Rs 2,611 crore, up 19 percent from the same period last year
Brokerages remain positive on HCL Technologies after the Noida-based company posted strong results for the quarter ended December 31, 2018.
Shares of the company rose 4.7 percent on the BSE in early trade.
HCL Technologies reported a Q3 net income of Rs 2,611 crore, up 19 percent from the same period last year.
Revenue, too, jumped 22.6 percent YoY to Rs 15,699 crore. On a constant currency basis, revenue grew 13 percent from the corresponding quarter last year.
The company said it expects FY19 revenues to grow 9.5-11.5 percent on a constant currency basis.
Here is what brokerages had to say about HCL Technologies results after the third quarter earning results:
Brokerage: CLSA | Rating: Buy | Target: Rs 1,380
CLSA hiked the stock's target price to Rs 1,380 from Rs 1,350. It also raised its estimate for HCL technologies' FY19-21 revenues and EPS by 102 percent.
Brokerage: Nomura | Rating: Buy | Target: Rs 1,170
Along with Cognizant, HCL technologies remains one of the top buys in the IT sector, according to Nomura.
The company requires 1.7 percent growth QoQ to achieve the topline of its guidance.
Brokerage: Credit Suisse | Rating: Outperform | Target: Rs 1,350
Credit Suisse has raised the target price on the stock to Rs 1,350 from Rs 1,275.
Pick-up in revenue growth and improved organic growth should help remove some key concerns, Credit Suisse added.
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