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HCL Technologies - 1QFY2017 Result Update - Angel Broking

Posted On: 2016-08-15 20:45:31

For 1QFY2017, HCL Technologies (HCL Tech) posted better-than-expected numbers on all fronts. In US$ terms, revenue came in at US$1,691mn V/s US$1,674mn expected and V/s US$1,587mn in 3QFY2016, ie a growth of 6.5% qoq (6.0% qoq in constant currency [CC] terms). On the operating front, the EBIT margin came in at 20.6% V/s 19.4% expected and V/s 20.8% in 3QFY2016, ie a qoq dip of 19bp. Thus, the adj. net profit came in at Rs. 2,047cr V/s Rs. 1,925cr in 3QFY2016, a qoq growth of 6.3%. For FY2017, the company gave a revenue growth guidance of 12.0-14.0% in CC terms which translates into an 11.2% to 13.2% growth in US$ terms. The operating margin (EBIT) for FY'2017 is expected to be in the range of 19.5% to 20.5%. We maintain our Buy rating on the stock.

Quarterly highlights: For 1QFY2017, the company posted better-than-expected numbers on all fronts. In US$ terms, revenue came in at US$1,691mn V/s US$1,674mn expected and V/s US$1,587mn in 3QFY2016, ie a growth of 6.5% qoq (6.0% qoq in CC terms). The growth was driven by Europe which posted a 16.9% CC qoq growth; USA posted a 2.0% qoq growth and ROW posted a flat growth. In terms of industries, Manufacturing grew 12.0% qoq CC, Public Services posted an 11.8% qoq CC growth and Retail & CPG posted a 14.5% qoq CC growth. On the operating front, the EBIT margin came in at 20.6% V/s 19.4% expected and V/s 20.8% in 3QFY2016, ie a qoq dip of 19bp. Thus, the adj. net profit came in at Rs. 2,047cr V/s Rs. 1,925cr in 3QFY2016, a qoq growth of 6.3%.

Outlook and valuation: We expect HCL Tech to post a USD and INR revenue CAGR of 16.0% and 18.0, respectively, over FY201618E. On back of strong order book and given the attractive valuations, we recommend a Buy on the stock.

Shares of HCL TECHNOLOGIES LTD. was last trading in BSE at Rs.812.35 as compared to the previous close of Rs. 824.75. The total number of shares traded during the day was 91023 in over 3028 trades.

The stock hit an intraday high of Rs. 834.85 and intraday low of 807. The net turnover during the day was Rs. 74703831.


Source: Equity Bulls

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