HCLTech - Makes Big Bets On Cloud, Infra And AI; Increases Focus On TMT: ICICI Securities

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ICICI Securities Report

HCLTech Ltd. analyst day key takeaways:

Leveraging an all-weather portfolio, HCLTech aims for consistent growth over medium term. Key growth drivers are: Data and AI, SAP cloud platform, ER&D, cloud migration and cybersecurity. Its key focus areas include:

1. Capitalising on gAI wave,

2. ramping up stagnated margins through project Ascend – using gAI as a strategic tool to reduce costs and increase efficiency in SDLC, and

3. delivering industry leading growth in technology, media and telecommunication where demand is improving (led by semiconductor).

Current demand environment is mostly driven by cost optimisation but it looks better versus three months ago, especially for financial services (refer our note: link ).

HCLTech is taking pro-active approach to take genAI led productivity gains to clients.

We maintain Reduce based on muted FY25 growth guidance of 3-5% constant currency.

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