HCL Technologies Ltd. – Supercharging Progress
HCL Tech is a global technology company, home to 210,000+ people across 52 countries, delivering industry-leading capabilities centered around digital, engineering, and cloud, powered by a broad portfolio of technology services and products. While HCL started off as a hardware organization, manufacturing the country’s first indigenous computers and introducing them to the Indian consumer, it eventually evolved into a more comprehensive software services organization. HCL is, in fact, one of the few global IT companies founded in the 1970s that remains in existence to date. They work with clients across all major verticals, providing industry solutions for Financial Services, Manufacturing, Life Sciences and Healthcare, Technology and Services, Telecom and Media, Retail and CPG, and Public Services.
Valuation:
Given its deep capabilities in the IMS space and strategic partnerships, investments in the Cloud, and Digital capabilities, we expect HCLT to emerge stronger on the back of an expected increase in enterprise demand for these services. Hence, we recommend a BUY rating in the stock with the target price (TP) of Rs.1123, 18x FY24E EPS.
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