Financials HCL Technologies Limited

Equities

HCLTECH

INE860A01027

IT Services & Consulting

Market Closed - NSE India S.E. Other stock markets 05:13:47 26/04/2024 pm IST			5-day change	1st Jan Change
1,474 ^INR	-2.01%		+1.82%	+0.53%

26/04	HCL Technologies Limited Provides Earnings Guidance for the Financial Year 2025	CI
26/04	HCL Technologies Limited Reports Earnings Results for the Full Year Ended March 31, 2024	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	11,84,243	26,66,583	31,51,627	29,38,146	41,79,869	39,91,172	-	-
Enterprise Value (EV) ¹	11,19,721	25,49,528	29,69,664	27,59,766	41,79,869	36,88,015	36,80,064	34,81,105
P/E ratio	10.1 x	21.1 x	22.9 x	19.8 x	26.7 x	23.3 x	20.3 x	18.8 x
Yield	1.6%	1.02%	3.78%	4.42%	-	3.69%	4.09%	4.13%
Capitalization / Revenue	1.57 x	3.49 x	3.6 x	2.9 x	3.8 x	3.4 x	3.06 x	2.85 x
EV / Revenue	1.49 x	3.34 x	3.39 x	2.72 x	3.8 x	3.14 x	2.82 x	2.49 x
EV / EBITDA	6.47 x	12.5 x	14.2 x	12.2 x	17.3 x	14.1 x	12.5 x	11.1 x
EV / FCF	9.98 x	14.5 x	19.1 x	16.9 x	-	22.9 x	19.5 x	17.7 x
FCF Yield	10%	6.88%	5.24%	5.92%	-	4.38%	5.13%	5.64%
Price to Book	2.29 x	5.21 x	5.07 x	4.5 x	-	5.73 x	5.5 x	4.72 x
Nbr of stocks (in thousands)	27,13,665	27,13,665	27,08,165	27,07,345	27,07,958	27,07,991	-	-
Reference price ²	436.4	982.6	1,164	1,085	1,544	1,474	1,474	1,474
Announcement Date	07/05/20	23/04/21	21/04/22	20/04/23	26/04/24	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	7,53,187	7,64,137	8,74,825	10,14,560	10,99,130	11,74,233	13,05,507	14,00,684
EBITDA ¹	1,73,160	2,03,631	2,09,524	2,26,280	2,42,000	2,61,287	2,93,823	3,13,789
EBIT ¹	1,38,960	1,63,211	1,65,314	1,84,830	2,00,270	2,19,565	2,47,787	2,68,400
Operating Margin	18.45%	21.36%	18.9%	18.22%	18.22%	18.7%	18.98%	19.16%
Earnings before Tax (EBT) ¹	1,49,395	1,63,970	1,72,964	1,94,880	2,09,670	2,30,827	2,61,203	2,85,884
Net income ¹	1,17,778	1,26,223	1,37,684	1,48,510	1,57,020	1,72,640	1,97,428	2,13,859
Net margin	15.64%	16.52%	15.74%	14.64%	14.29%	14.7%	15.12%	15.27%
EPS ²	43.21	46.51	50.76	54.79	57.86	63.29	72.43	78.53
Free Cash Flow ¹	1,12,226	1,75,442	1,55,751	1,63,480	-	1,61,368	1,88,903	1,96,506
FCF margin	14.9%	22.96%	17.8%	16.11%	-	13.74%	14.47%	14.03%
FCF Conversion (EBITDA)	64.81%	86.16%	74.34%	72.25%	-	61.76%	64.29%	62.62%
FCF Conversion (Net income)	95.29%	138.99%	113.12%	110.08%	-	93.47%	95.68%	91.89%
Dividend per Share ²	7.000	10.00	44.00	48.00	-	54.45	60.26	60.85
Announcement Date	07/05/20	23/04/21	21/04/22	20/04/23	26/04/24	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1
Net sales ¹	2,20,648	2,28,071	2,34,640	2,46,860	2,63,458	2,66,060	2,62,960	2,66,720	2,84,460	2,84,990	2,84,643	2,87,248	2,96,429	2,99,732	3,09,053
EBITDA ¹	51,733	50,817	49,750	54,250	62,941	58,630	53,870	59,440	67,580	61,110	64,505	63,467	68,190	66,390	67,920
EBIT ¹	41,929	40,911	39,920	44,270	51,652	48,360	44,600	49,340	56,150	50,180	54,485	54,515	57,978	55,207	57,892
Operating Margin	19%	17.94%	17.01%	17.93%	19.61%	18.18%	16.96%	18.5%	19.74%	17.61%	19.14%	18.98%	19.56%	18.42%	18.73%
Earnings before Tax (EBT) ¹	43,929	43,456	43,370	45,840	53,033	51,950	46,896	51,280	58,740	52,690	59,663	58,467	62,524	58,681	61,155
Net income ¹	39,990	36,164	32,830	34,890	40,363	39,830	35,340	38,320	43,500	39,860	42,426	41,836	45,728	43,805	45,973
Net margin	18.12%	15.86%	13.99%	14.13%	15.32%	14.97%	13.44%	14.37%	15.29%	13.99%	14.9%	14.56%	15.43%	14.61%	14.88%
EPS ²	14.82	13.35	12.12	12.88	14.62	14.69	13.12	14.16	16.03	14.69	15.63	15.50	16.54	16.25	16.79
Dividend per Share ²	10.00	18.00	18.00	10.00	10.00	10.00	10.00	12.00	12.00	-	12.05	12.04	12.02	12.00	13.06
Announcement Date	14/01/22	21/04/22	12/07/22	12/10/22	12/01/23	20/04/23	12/07/23	12/10/23	12/01/24	26/04/24	-	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	64,522	1,17,055	1,81,963	1,78,380	-	3,03,157	3,11,107	5,10,067
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,12,226	1,75,442	1,55,751	1,63,480	-	1,61,368	1,88,903	1,96,506
ROE (net income / shareholders' equity)	24.1%	22.1%	22.1%	23.3%	-	25.4%	27.5%	27%
ROA (Net income/ Total Assets)	15.9%	14.6%	15.4%	16.3%	-	16.8%	17.9%	-
Assets ¹	7,39,824	8,63,420	8,96,789	9,12,589	-	10,28,605	11,01,887	-
Book Value Per Share ²	191.0	189.0	229.0	241.0	-	257.0	268.0	312.0
Cash Flow per Share ²	48.70	71.90	63.60	66.50	-	80.20	86.00	-
Capex ¹	19,904	19,646	16,802	16,610	-	34,946	38,662	40,902
Capex / Sales	2.64%	2.57%	1.92%	1.64%	-	2.98%	2.96%	2.92%
Announcement Date	07/05/20	23/04/21	21/04/22	20/04/23	26/04/24	-	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for HCL Technologies Limited

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,474 INR

Average target price

1,584 INR

Spread / Average Target

+7.49%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other IT Services & Consulting

	1st Jan change	Capi.
HCL TECHNOLOGIES LIMITED	+0.53%	47.86B
ACCENTURE PLC	-12.23%	194B
TATA CONSULTANCY SERVICES LTD.	+0.74%	166B
IBM	+2.19%	153B
AUTOMATIC DATA PROCESSING, INC.	+4.34%	99.85B
RELX PLC	+7.04%	77.56B
CROWDSTRIKE HOLDINGS, INC.	+19.09%	73.55B
INFOSYS LIMITED	-7.30%	71B
SNOWFLAKE INC.	-20.54%	52.81B
CAPGEMINI SE	+7.60%	37.14B

Other IT Services & Consulting