HCL Technologies (HCLT) offers IT, ER&D and products to BFSI, retail, health, telecommunication, manufacturing, media & hi-tech verticals. HCL Tech has 250 Fortune 500 and 650 global 2000 clients • It has grown organically and inorganically (14.9% CAGR over FY18-23). HCLT reported steady Q4FY23 results. In CC terms on a QoQ basis, revenue declined 1.2%; IT Services increased 1.6%, ER&D declined 3.8% & P&P declined 14.6% • EBIT margin at the company level declined ~150 bps QoQ to 18.1% • Reported TCV of US$2.1 billion (bn), down 11.6% QoQ.
OutlookWe maintain our BUY rating on the stock. We value HCLT at Rs 1220 i.e. 19x P/E on FY25E EPS.
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