Sharekhan's research report on HCL Technologies
COVID-19 has catalysed demand for cloud transformation, intelligent workspaces and cybersecurity, which present huge opportunities. USD revenue growth seen at 3.1% q-o-q and 2.7% q-o-q in constant currency terms in Q3FY2021, ahead of its growth guidance of 1.5-2.5%; margins to decline 40 bps q-o-q on partial wage revisions. Strong order bookings, healthy deal pipeline and consolidation opportunities in both IMS and application modernisation would drive growth going ahead.
Outlook
We maintain a Buy on HCL Technologies with a revised PT of Rs. 1200 as stock trades at a discount to Wipro despite a better growth profile in past few years.
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