Sharekhan's research report on HCL Technologies
Revenue was inline and margins were ahead of our expectations; deal signings and FCF generation remained strong. Management provided revenue growth in the range of 1.5% - 2.5% q-o-q for the remaining quarters, translates -3.3% to -0.8% revenue growth in FY2021E. It expects EBIT margin to be in the range of 19.5-20.5% for FY2021. Strong demand for infrastructure business, higher spending on digital infrastructure and emergence of new business models is expected to create new growth opportunities for the company.
Outlook
We maintain our Buy rating on HCL Technologies (HCL Tech) with a revised PT of Rs. 750.
HCL Technologies 20072020-khan
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