Nalanda Securities' research report on HCL Technologies
HCL Technologies Ltd. (HCLT) reported Q4 FY19 net revenue at INR 1,59,900 mn; up 2% QoQ and up 21% YoY. EBIT reported by the company stood at INR 30,390 mn; down 1.5% QoQ and up 18% YoY. EBIT margin during the quarter was 19% as against 19.6% QoQ and YoY. Profit reported by the company stood at INR 25,680 mn; down 2% QoQ and up 15% YoY. PAT margin during the quarter was 16% as against 16.5% QoQ and 16.9% YoY. The company board has recommended an interim dividend of INR 2/equity share.
Outlook
At CMP of INR 1137, the company is trading at P/E multiple of 11x FY21E EPS. We value the company using P.E. multiple methodology. We have given an exit multiple of 12x to arrive at a target price of INR 1250 which is an upside of 10%.
For all recommendations report, click here
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