Hold HCL Technologies; target of Rs 930: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct’s research report on HCL Technologies
HCL Tech reported good set of Q1FY18 numbers. US$ revenues grew 3.7% QoQ to $1,884 million, broadly in-line with 4% growth and $1,888 million estimate. Revenues in constant currency grew by 2.6% QoQ. Revenues in rupees grew 0.8% QoQ to Rs 12,149 crore, largely in-line with our 1% QoQ growth and Rs 12,175 crore estimate.

Outlook

We expect HCL Tech to report revenue, PAT CAGR of 9.9%, 4.6%  in FY17-19E.  We have slightly tuned our EPS estimates and retain HOLD with target price of Rs 930 (14x FY19 EPS).For all recommendations report, click here

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