HCL Technologies Ltd. share price target

HCL Technologies (HCLT) reported a revenue of USD3.5b, up 3.8% QoQ and 4.1% YoY in constant currency (CC), above our estimate of 3.7% QoQ CC growth (largely owing to one-month inorganic contribution from HPE CTG acquisition).

HCL Technologies (HCL Tech) reported revenue of $3,533 million, up 3.8% q-o-q/4.1% y-o-y in constant currency (CC) terms, missing our estimates of $3,561 million. Revenue in rupee terms stood at Rs. 29,890 crore, up 3.6% q-o-q/5.1% y-o-y. Revenue growth was led by Software, ER&D, and Services business, up 18.7%, 5.4%, and 1.5% q-o-q in CC, respectively.

We maintain BUY with a revised PT of Rs. 2,180 (valued at 28x Dec26E EPS). At CMP, the stock trades at 29.6/26.6/23.6x its FY25/26/27E EPS.

HCL Technologies (HCLT) reported a muscular 2QFY25, with revenue of USD3.4b, up 1.6% QoQ (~2.5% organic)

Broad-based and better-than-expected growth. Guidance is broadly left unchanged. HCLT does not want to extrapolate strong 2Q into 2H

HCLT has reported a beat vs our and consensus estimates on both revenue and margin fronts in Q2FY25. Discretionary spends picked up in BFSI and technology services.