Accumulate HCL Technologies; target of Rs 1100: Prabhudas Lilladher

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Prabhudas Lilladher's research report on HCL Technologies

HCL Tech's 4QFY18 results were below our estimates on constant currency revenue growth, EBIT margin and PAT. Revenues at USD2038mn were up 2.5% QoQ and below our estimates (PLe: USD2046mn). Constant Currency growth for the quarter stood at 1.2% QoQ which is below our estimates (Ple : 1.9%). EBIT margin came at 19.6% was flat QoQ and below our estimates (PLe: 20.2%). PAT for the quarter came at Rs22.7bn which is 5% below our estimates led by EBIT margin miss.

Outlook

We upgrade target price by 6% to Rs1100/sh (14.5x FY20E EPS vs 13.5x earlier). However, upsides remain limited. Downgrade to Accumulate (vs   BUY earlier).

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