Buy HCL Tech; target of Rs 1132: Angel Broking

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Angel Broking's report on HCL Technologies"For 4QFY2015, HCL Technologies (HCL Tech) posted better-than-expected results on the top-line front, the OPM came in below expectations, and the net profit came in just in line with our expectations. The company posted a growth of 3.2% qoq in USD revenues to US$1,538mn in 4QFY2015 V/s US$1,535mn expected and V/s US$1,491mn in 3QFY2015. In Constant Currency (CC) terms, the company posted a 2.9% qoq revenue growth for 4QFY2015. On the operating front the EBDITA margin came in at 21.5% V/s 22.8% expected and V/s 22.6% in 3QFY2015, a qoq dip of 108bp. The PAT came in at Rs 1,783cr V/s Rs 1,782cr expected and V/s Rs 1,683cr in 3QFY2015, ie a qoq growth of 5.9%. The PAT came in in line with our expectation in spite of the EBDITA contraction, on back of higher-than-expected other income. Other income came in at Rs 212cr in 4QFY2015 V/s Rs 179cr in 3QFY2015. We maintain our Buy rating on the stock with a target price of Rs 1,132", says Angel Broking research report.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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