Reliance Securities research report on HCL TechnologiesHCL Tech (HCLT) posted results largely in-line with our muted expectations, even as back-ended growth recovery, strong bookings and continuity of target margin band are positive takeaways. We remain positive on HCLT based on 1) strong bookings & outstanding book (10% higher), 2) growth acceleration in 2H, 3) margin recoup and 4) attractive valuations (14.5x FY17E). We maintain BUY with Target Price of Rs 1,035.We expect HCLT’s US$ revenue/EPS to grow at 11%/10% CAGR and we’ve factored EBIT% at 20.1%/20.4%/20.9% for FY16E/17E/18E. We marginally adjust our estimates to factor higher growth in 2HFY16E; maintain BUY with Target Price Rs1,035. For all recommendations, click here Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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