Accumulate HCL Technologies; target of Rs 1170: Prabhudas Lilladher

Prabhudas Lilladher recommended accumulate rating on HCL Technologies with a target price of Rs 1170 in its research report dated January 29, 2019.

Prabhudas Lilladher's research report on HCL Technologies

HCL Tech Q3FY19 results were solid with a strong beat on revenues and inline PAT. Led by Strong revenue beat in Q4, we now model HCL tech’s USD revenue growth assumptions to 9.8/10.2/10.3% for FY19/20/21E (vs 8.9/9.5/10.3%). Our USD/INR assumptions are at 70/72/72.5 for FY19/20/21E. We upgrade our EPS estimates by 0.8/1.9/5.5% to Rs75/84/95 for FY19/20/21E.

Outlook

HCL Tech currently trades at 11.7x FY20E EPS and 11x Sep20E EPS. We revise our TP by 6% to Rs1170/sh (13x Sep20E EPS).

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