January 31, 2017 / 15:55 IST
HCL Tech has reported good set of numbers with INR revenue growing by 2.6% QoQ. While, revenue in constant currency grew 3% QoQ, dollar revenue rose 1.3% sequentially. While steady growth was witnessed across services, engineering and R&D services grew by a robust 7.1% in CC terms. Among verticals, growth was led by manufacturing (8.3%), public services (5.6%) and financial services (4.5%).
OutlookGiven steady Q3 performance and aggressive focus on its high margin products business, we maintain positive stance on the stock. We expect revenue/PAT to grow at a CAGR of 24%/21% over FY16-FY19E. Maintain BUY rating on the stock with a revised TP of Rs947.
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