HCL Technologies Ltd (Q2 F6/08): "Consistency displayed" - BUY

HCL Technologies Ltd (Q2 F6/08): "Consistency displayed"

CMP Rs229, BUY

Target price Rs294,  Upside 28.4%


ä       HCL reports eight consecutive quarter of 7%+ dollar revenue growth displaying good consistency. Volume growth remains strong while pricing improvements continue.

ä        Growth was driven by Core Software and IMS while BPO revenues were flat as expected.

ä       EBITDA margin was stable qoq as higher SG&A and rupee appreciation offset benefits of better pricing and offshore shift.

ä        Higher other income pushes net profit growth past that of EBIDTA.

ä       Given a consistent display of better performance than peers and the steep correction in price, we upgrade HCL to BUY with one-year price target of Rs294 implying 28% upside.


Click below for Result Update on HCL Technologies Ltd (Q2 F6/08)





Warm Regards,


India Infoline Research Team


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