Buy HCL Technologies; target of Rs 726: Geojit

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26 Aug, 2025 12:21

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Geojit's research report on HCL Technologies

Q1FY21 Net Sales witnessed 8.6% YoY growth (+1.0% YoY constant currency growth) to Rs.17,842cr. EBIT margin expanded to 20.7% with EBIT reported at Rs. 3,692cr (+30.2% YoY) due to optimizations in cost management, forex and automation. The company signed 11 net new transformational deals, led by key industry verticals (telecommunication, financial services, life sciences and healthcare). As a result, PAT increased to Rs. 2,931cr (+31.4% YoY) with very strong cash conversion ($1,329mn net cash as of June 30th).

Outlook

Given current upside potential, we reiterate our BUY rating on the stock with a revised target price of Rs. 726 based on 15x FY22E adj. EPS.

For all recommendations report, click here

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