Reliance Securities' research report on HCL Technologies
HCL Technologies (HCLT) reported strong revenue growth of 3.8% QoQ in CC terms in 4QFY17, while USD revenue growth came in at a healthy 4.1% QoQ to US$1,817mn. EBIT margin was 46bps above our estimate, aided by revenue growth and higher utilisation.
Outlook
Valuation at 12.9x/11.5x FY18E/FY19E EPS also leaves room on the table for investors. We retain our BUY rating on HCLT, with an unchanged target price of Rs 963, based on 14x average FY18E and FY19E EPS.
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