Buy HCL Technologies; target of Rs 1002: Geojit

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Geojit's research report on HCL Technologies

HCL Technologies Limited provides software development business process outsourcing, information technology and infrastructure services. The company is spread across 49 countries with 150,000+ employees and its client base, including 250 of the fortune 500 companies. Q2FY21 revenue witnessed 4.5% QoQ constant currency (CC) growth due to Healthcare verticals and services related to e-commerce transactions and payment systems. EBIT margin expanded 100bps QoQ to 21.7%, while PAT increased 7.2% QoQ due to efficient discretionary cost control measures. Digital upgradation of existing client business models (including cloud migration & cybersecurity products) will drive long-term growth. Also, DWS acquisition should help in improving client base and portfolio mix of services/product.

Outlook

We reiterate our BUY rating on the stock with revised target price of Rs. 1,002 based on 20x FY22E adj. EPS.

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