KR Choksey's research report on HCL Tech
HCL Tech delivered a strong set of numbers in Q3 FY17 and was broadly above our estimates. Dollar revenue was reported at $1,745 Mn, 1.3% up qoq and marginally below our estimate of $1,750 Mn, while margins were solid and in-line with management guidance.
Outlook
We believe that the management’s stance on aggressively pursuing Products & Platform business is a right one and will be margin accretive. We have an “BUY” rating on the stock as we assign a multiple of 15x to its FY18E EPS to arrive at a price target of INR 985.
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