Prabhudas Lilladher's research report on HCL Technologies
HCL Tech Q3FY19 results were solid with strong beat on revenues and inline PAT. Led by Strong revenue beat in Q4, we now model HCL tech’s USD revenue growth assumptions to 9.8/10.2/10.3% for FY19/20/21E (vs 8.9/9.5/10.3%). Our USD/INR assumptions are at 70/72/72.5 for FY19/20/21E. We upgrade our EPS estimates by 0.8/1.9/5.5% to Rs75/84/95 for FY19/20/21E.
Outlook
HCL Tech currently trades at 11.7x FY20E EPS and 11x Sep20E EPS. We revise our TP by 6% to Rs1170/sh (13x Sep20E EPS).
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