External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

Equity Bottom-Up

<p><strong>About the stock:</strong> HCL Technologies (HCLT) offers IT, ER&amp;D and products to BFSI, retail, health, telecommunication, manufacturing, media &amp; hi-tech verticals.</p><ul><li>HCL Tech has 250 Fortune 500 and 650 global 2000 clients</li><li>HCL has grown organically and inorganically (14% CAGR over FY18-21)</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

About the stock: HCL Technologies (HCLT) offers IT, ER&amp;D and products to BFSI, retail, health, telecommunication, manufacturing, media &amp; hi-tech verticals.HCL Tech has 250 Fortune 500 and 650 global 2000 clientsHCL has grown organically and inorganically (14% CAGR over FY18-21)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HCL Technologies: Minimum 75% Payout for FY22-26

External broker reports(aggregated public sources), Axis Direct

Axis Direct

<p>We recommend a BUY on the stock and assign a 21x P/E multiple to its FY24E earnings of Rs 65.8/share which gives a TP of Rs 1,390/share, indicating an upside of 11% from CMP.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We recommend a BUY on the stock and assign a 21x P/E multiple to its FY24E earnings of Rs 65.8/share which gives a TP of Rs 1,390/share, indicating an upside of 11% from CMP.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HCL Technologies: Marginally Weaker Performance; Outlook Continues to Be Robust

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>Cyient: Cyient reported a good quarter; revenue was up 4.6% QoQ (in line with estimate) and margin performed better than expected. The services segment recovered (+5.5% QoQ CC), led by aerospace (+4% QoQ, positive YoY growth after ten quarters). The worst phase of commercial aerospace is over; from here on, there should be gradual pick-up, led by Avionics upgrades and MRO revival. The management has maintained its double-digit growth guidance for services, which would be led by communications, utilities, and aerospace verticals.</p>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Cyient: Cyient reported a good quarter; revenue was up 4.6% QoQ (in line with estimate) and margin performed better than expected. The services segment recovered (+5.5% QoQ CC), led by aerospace (+4% QoQ, positive YoY growth after ten quarters). The worst phase of commercial aerospace is over; from here on, there should be gradual pick-up, led by Avionics upgrades and MRO revival. The management has maintained its double-digit growth guidance for services, which would be led by communications, utilities, and aerospace verticals.
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: HCL Technologies, Cyient

<p>We recommend a BUY on the stock and assign a 19x P/E multiple to its FY23E earnings of Rs 59.2/share which gives a TP of Rs 1,110/share, indicating an upside of 11% from CMP.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We recommend a BUY on the stock and assign a 19x P/E multiple to its FY23E earnings of Rs 59.2/share which gives a TP of Rs 1,110/share, indicating an upside of 11% from CMP.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HCL Technologies: Marginally Weaker Performance, Outlook Remains Robust

<p>About the stock: HCL Technologies (HCLT) offers IT, ER&amp;D and products to BFSI, retail, health, telecommunication, manufacturing, media &amp; hi-tech verticals.</p><ul><li>HCL Tech has 250 Fortune 500 and 650 global 2000 clients</li><li>HCL has grown organically and inorganically (14% CAGR over FY18-21)</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

HCL Technologies: Revenues Impacted by Covid

India

HCL Technologies Limited provides software development and related engineering services.  The Group's technologies utilize a variety of technologies, including Internet and e-commerce, networking, internet telephony, embedded software, ASIC/VLSI design and testing, satellite and wireless communications, and component based object technologies, including COM, DCOM and COBRA.

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HCL Technologies (HCLT IN)

HCL Technologies: Minimum 75% Payout for FY22-26

HCL Technologies (HCLT) offers IT, ER&D and products to BFSI, retail, health, telecommunication, manufacturing, media & hi-tech verticals.

ICICI Securities Limited

HCL Technologies: Marginally Weaker Performance; Outlook Continues to Be Robust

We recommend a BUY on the stock and assign a 21x P/E multiple to its FY24E earnings of Rs 65.8/share which gives a TP of Rs 1,390/share, indicating...

Axis Direct

HSIE Results Daily: HCL Technologies, Cyient

Cyient reported a good quarter; revenue was up 4.6% QoQ (in line with estimate) and margin performed better than expected. The services segment...

HDFC Securities

HCL Technologies: Marginally Weaker Performance, Outlook Remains Robust

We recommend a BUY on the stock and assign a 19x P/E multiple to its FY23E earnings of Rs 59.2/share which gives a TP of Rs 1,110/share, indicating...

Axis Direct

HCL Technologies: Revenues Impacted by Covid

HCL Technologies (HCLT) offers IT, ER&D and products to BFSI, retail, health, telecommunication, manufacturing, media & hi-tech verticals.

ICICI Securities Limited

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