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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