New Delhi. HCL Tech declared its quarterly results on April 21. The consolidated profit of the company has grown by 226 per cent on a year-on-year basis and stood at Rs 3,593 crore. The revenue of the company has registered a growth of 15 percent. HCL has also announced to give dividend to its investors at the rate of Rs 18 per share.
After the announcement of the results, on April 22, the company’s shares rose by about two percent in the morning and reached the level of Rs 1117 on the BSE. While brokerage houses Sharekhan and Motilal Oswal are positive regarding the future of HCL shares, brokerage firm Prabhudas Lilladher has downgraded its rating on this stock.
Motilal Oswal gave advice to buy
Brokerage firm Motilal Oswal has retained its buy rating on HCL Technologies. The brokerage says that there is a lot of demand for cloud, network, security and digital workplace services and the company is very strong in these areas. The company is showing good growth in services and is adding more people to it. Not only this, HCL is also getting good deals. Given the company’s investment in its cloud and digital capabilities, it is expected that HCL will benefit from the increase in demand in services.
Sharekhan retains buy rating
Brokerage house Share Khan has also retained its buy rating on HCL Tech. However, the brokerage has revised the target price to Rs 1,400. Sharekhan says that the company has a strong hold in digital foundation and application modernization. The company is not only making investments to increase its capacity, but is also increasing the number of employees by a record. Apart from this, due to the company’s leadership in the ER segment, the company’s income will increase in the financial year 2023.
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Unlike Motilal Oswal and Sharekhan, brokerage firm Prabhudas Lilladher is not very enthusiastic about HCL. Giving its opinion on HCL, the brokerage said- ‘We downgrade HCL Tech to ‘accumulate’ (by buy). We have reduced the DCF based target from Rs 1,295 to Rs 1,169.” The brokerage said that the decline in margins and volatility in product and platform earnings have curtailed the company’s total revenue growth.
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