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Dolat Capital Report
FY20 was an eventful year for HCL Technologies Ltd. with acquisition being consummated in HCL in June 2019 and the focus on performance of product and platform segment (and IBM portfolio).
The Annual Report highlighted the focus of HCL Technologies to evolve further as a technology company with focus on building intellectual property (IP) assets and driving innovation and filling gaps via acquisition.
Significant inorganic investments over last three years have led to significant decline in operating cash flow to free cash flow conversions.
But, now with no meaningful investments in sight (organic as well as inorganic), FCF profile would improve materially – growth of about approximately 120% over FY20-22 (incremental 1 billion U.S. dollar on TMF basis as second tranche paid in Q1 FY21).
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