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Geojit Report
HCL Technologies Q1 FY21 Net Sales witnessed 8.6% YoY growth (over 1 YoY constant currency growth) to Rs 17,842 crore Ebit margin expanded to 20.7% with Ebit reported at Rs 3,692 crore (30.2% YoY) due to optimisations in cost management, forex and automation.
The company signed net 11 new transformational deals, led by key industry verticals (telecommunication, financial services, life sciences and healthcare). As a result, profit after tax increased to Rs 2,931 crore (31.4% YoY) with very strong cash conversion (1,329 million dollar net cash as of June 30). Given current upside potential, we reiterate our Buy rating on the stock with a revised target price of Rs 726 based on 15 times FY22E adjusted earnings per share.
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