Prabhudas Lilladher maintains buy on HCL Tech, target price Rs 1,210

Prabhudas Lilladher has maintained buy rating on HCL Technologies in the long term with a target price of Rs 1,210. The stock ended flat at Rs 1,049.70 on Friday while the Sensex closed 1921.15 points up at 38,014.62.

Company Financials

For the quarter ended 30-06-2019, the company has reported consolidated sales of Rs 16427.00 crore, up 2.73% from last quarter sales of Rs 15990.00 crore and up 18.37% from last year same quarter sales of Rs 13878.00 crore. The company has reported net profit after tax of Rs 2230 crore in latest quarter.


Investment Rationale

The brokerage said its meeting with management of HCL Technologies has increased its conviction in the growth trajectory of their organic and product business in FY20. The company is on its way to deliver industry leading organic growth of and meet its margin guidance of 18.5-19.5% in FY20, said Prabhudas Lilladher. The company is confident of its ability to win mega deals, the brokerage said.