HCL Technologies Ltd. share price target

Background: HCL Tech is the 4th largest IT services exporter offering offshore IT Services with revenues of INR 329.2bn (FY14), 91,691 employees. Revenue split: US - 56%, Europe - 32% & ROW - 12%. Service Mix: Custom App Serv - 28%, Infrastructure Services - 34%, Enterprise App Serv - 17%, Engg and R&D; - 16.4%, BPO - 4.6%. Fixed Price Contracts account for 56.5%. Major verticals are Manufacturing - 33.0%, Fin Serv - 26.8%, Healthcare - 10.7%, Retail - 8.5%, Telecom - 8.8%, Media8.8%, Public Serv-9.3% & Others - 2.9%. Has 5 clients in USD 100mn+.Ttop 10 clients account for 23.7%. 96% of business is repeat business, reflects effective mining of...

Buy at Rs 1955) and add on dips to Rs 1730 - Rs 1788 for Target of Rs 2111 in 1 quarter

Background: HCL Tech is the 4th largest IT services exporter offering offshore IT Services with revenues of INR 329.2bn (FY14), 91,691 employees. Revenue split: US - 56%, Europe - 32% & ROW - 12%. Service Mix: Custom App Serv - 28%, Infrastructure Services - 34%, Enterprise App Serv - 17%, Engg and R&D; - 16.4%, BPO - 4.6%. Fixed Price Contracts account for 56.5%. Major verticals are Manufacturing - 33.0%, Fin Serv - 26.8%, Healthcare - 10.7%, Retail - 8.5%, Telecom - 8.8%, Media8.8%, Public Serv-9.3% & Others - 2.9%. Has 5 clients in USD 100mn+.Ttop 10 clients account for 23.7%. 96% of business is repeat business, reflects effective mining of...

HCL Technologies' (HCLT) 2QFY15 revenue stood at US$1,491mn, up 4% QoQ and by 6.2% in constant currency (CC) terms, highest in 16 quarters. EBITDA margin fell 11bps QoQ, while net profit was Rs19.2bn, 7.8%/8% above our/consensus estimates, respectively.

Background: HCL Tech is the 4th largest IT services exporter offering offshore IT Services with revenues of INR 329.2bn (FY14), 91,691 employees. Revenue split: US - 56%, Europe - 32% & ROW - 12%. Service Mix: Custom App Serv - 28%, Infrastructure Services - 34%, Enterprise App Serv - 17%, Engg and R&D; - 16.4%, BPO - 4.6%. Fixed Price Contracts account for 56.5%. Major verticals are Manufacturing - 33.0%, Fin Serv - 26.8%, Healthcare - 10.7%, Retail - 8.5%, Telecom - 8.8%, Media8.8%, Public Serv-9.3% & Others - 2.9%. Has 5 clients in USD 100mn+.Ttop 10 clients account for 23.7%. 96% of business is repeat business, reflects effective mining of...

Background: HCL Tech is the 4th largest IT services exporter offering offshore IT Services with revenues of INR 329.2bn (FY14), 91,691 employees. Revenue split: US - 56%, Europe - 32% & ROW - 12%. Service Mix: Custom App Serv - 28%, Infrastructure Services - 34%, Enterprise App Serv - 17%, Engg and R&D; - 16.4%, BPO - 4.6%. Fixed Price Contracts account for 56.5%. Major verticals are Manufacturing - 33.0%, Fin Serv - 26.8%, Healthcare - 10.7%, Retail - 8.5%, Telecom - 8.8%, Media8.8%, Public Serv-9.3% & Others - 2.9%. Has 5 clients in USD 100mn+.Ttop 10 clients account for 23.7%. 96% of business is repeat business, reflects effective mining of...

HCL Tech is the 4th largest IT services exporter offering offshore IT Services with Revenues of INR 257.3bn (FY13), 85,355 employees. Revenue split: US - 57%, Europe - 29% & ROW - 14%. Servic e Mix: Custom App Serv - 30%, Infrastructure Servic es - 29.2%, Enterprise App Serv - 18.9%, Engg and R&D; - 17.5%, BPO - 4.4%. Fixed Price Contracts account for 52.2%. Major verticals are Manufacturing - 28.0%, Fin Serv - 25.1%, Healthcare - 11.6%, Retail - 8.9%, Telecom - 7.3%, Media6.9%, Public Serv-7.4% & Others - 4.8%. Has 549 clients w ith top 10 clients account for 23.8%. 94% of business is repeat business, reflects effective mining of existing...

largest IT services exporter offering offshore IT Services w ith Revenues of INR 210.3bn (FY12), 85,355 employees. Revenue split: US - 57.2%, Europe - 27.6% & ROW - 15.2%. Service Mix: Custom App Serv - 31.8%, Infrastructure Services - 24.7%, Enterprise App Serv - 20.4%, Engg and R&D; - 18.5%, BPO - 4.5%. Fixed Price Contracts account for 51.2%. Major verticals are Manufacturing - 27.6%, Fin Serv - 24.1%, Healthcare - 12%, Retail - 9.2%, Telecom - 7.5%, Media-7% & Energy - 6.9%. Has 536 clients w ith top 10 clients account for 24.5%. 94.6% of business is repeat business, reflects effectiv e mining of existing clients....

Background: HCL Tech is the 4th largest IT servic es exporter offering offshore IT Services with Revenues of INR 210.3bn (FY12), 85,355 employees. Revenue split: US - 57.2%, Europe - 27.6% & ROW - 15.2%. Servic e Mix: Custom App Serv - 31.8%, Infrastructure Servic es - 24.7%, Enterprise App Serv - 20.4%, Engg and R&D; - 18.5%, BPO - 4.5%. Fixed Price Contracts account for 51.2%. Major verticals are Manufacturing - 27.6%, Fin Serv - 24.1%, Healthcare - 12%, Retail - 9.2%, Telecom - 7.5%, Media-7% & Energy - 6.9%. Has 536 clients with top 10 clients account for 24.5%. 94.6% of business is repeat business, reflects effective mining of existing clients....

largest IT services exporter offering offshore IT Services with Revenues of INR 210.3bn (FY12), 85,355 employees. Revenue split: US - 57.2%, Europe - 27.6% & ROW - 15.2%. Service Mix: Custom App Serv - 31.8%, Infrastructure Services - 24.7%, Enterprise App Serv - 20.4%, Engg and R&D; - 18.5%, BPO - 4.5%. Fixed Price Contracts account for 51.2%. Major verticals are Manufacturing - 27.6%, Fin Serv - 24.1%, Healthcare - 12%, Retail - 9.2%, Telecom - 7.5%, Media-7% & Energy - 6.9%. Has 536 clients with top 10 clients account for 24.5%. 94.6% of business is repeat business, reflects effective mining of existing clients....