Prabhudas Lilladher has given Buy recommendation for HCL Technologies with a target price of Rs. 1010 in its research report issued on Apr 26, 2021
Prabhudas Lilladher’s research report on HCL Technologies
HCLT reported revenue growth of 3% QoQ USD (Ple: 3.8%, Cons 3.7%) below our & cons estimates, led by decline in Products & Platform business (-5% QoQ USD) and weak growth in ER&D (+0.4% QoQ USD). This was offset by strong growth in IT Services (+5.2% QoQ USD).
We value HCLT on 18X FY23E multiple to arrive at a changed TP of INR 1010. HCLT is currently trading at 19X/17X on FY22/23E EPS of 50.7/56 respectively. Maintain BUY.