HCL Technologies is engaged in providing a range of software, business process outsourcing and IT infrastructure services. The company has a wide geographical presence across 32 countries. It has a strong workforce of more than 120,000 employees.
Valuations: Despite factoring 11% revenue CAGR over FY18-20E, PAT is expected to grow at modest CAGR of 6% over FY18-20E owing to higher amortisation cost and tax rate. We maintain ‘BUY’ rating on the stock with revised TP of Rs. 993 based on 14xFY20E.
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