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HDFC Securities Institutional Equities
HCLTech Ltd. posted a revenue/margin beat in Q2, driven by higher license revenue, strong banking, financial services and insurance performance (ex-State Street divestment) and recovery in engineering research and development services.
The revenue guidance lower band was raised and the margin band was maintained. Increase earnings estimate by ~3% to factor in broad-based growth improvement and concurrent margin enhancement.
The manufacturing vertical has client-specific risks. Maintain Add with a target price of Rs 1,900, based on 24 times Dec-26E earnings per share.
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