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HCL Technologies - Event Update - Automation Focus a Key Differentiator - Reliance Securities

Posted On: 2016-08-28 20:24:37

HCL Technologies (HCLT) organised an 'Analyst Meet' on Wednesday, August 24, 2016. The key takeaways of the event are summarised hereunder.

DryICE Platform Aids 90% of Deal Wins

HCLT showcased its strategy to cater to 21st century enterprises, demonstrating its capabilities in automation. It automation platform, DryICE, enables customers to get a better experience and lower total cost by leveraging usage of artificial intelligence. On an average, ~20-60% cost benefits have been delivered to clients depending on service maturity. Notably, 90% of new client wins have been positively impacted by DryICE recently. Currently, the platform is used by 54% of HCLT's client base, reflecting good acceptance. HCLT sees a net positive impact from adoption of automation technologies by clients, with decline in initial deal size and components in ADM space offset by the addressable market size expanding through newer investments in transformational initiatives and IoT etc.

Outlook & Valuation

We believe HCLT's first-ever guidance on revenue, and a reversion to issuing a margin band signifies its increasing confidence pertaining to near-term prospects. We are enthused with its leadership position in IMS, and while the business profile may be more skewed towards this segment, we note that this is not something new and are not unduly concerned regards the same. We retain our BUY recommendation on the stock with a Target Price of Rs980, implying 15x FY18E EPS.

Shares of HCL TECHNOLOGIES LTD. was last trading in BSE at Rs.778.8 as compared to the previous close of Rs. 798.7. The total number of shares traded during the day was 62601 in over 2417 trades.

The stock hit an intraday high of Rs. 801 and intraday low of 773. The net turnover during the day was Rs. 49090218.


Source: Equity Bulls

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