Indian Stock Market Blog: HCL Technologies Ltd (Q3 F6/08): Indiainfoline

Sunday, April 20, 2008

HCL Technologies Ltd (Q3 F6/08): Indiainfoline

HCL Technologies Ltd (Q3 F6/08): Better positioned

CMP Rs246, BUY

Target price Rs283, Upside 15%

Ã¤ HCL reports a lower than expected 5.2% qoq dollar revenue growth. Volume growth slows down though pricing improvements continue.

Ã¤ Core software services registers solid growth of 6.5% qoq while IMS and BPO revenues grow by sluggish 1.5-2% qoq.

Ã¤ EBITDA margin expands by 90bps qoq to 22.3% driven by improved realizations, higher utilization, SG&A leverage and offshore shift. Core software services margin improves by 95 bps.

Ã¤ Lower other income, due to forex loss, leads to a net profit growth of just 1.1%.

Ã¤ Management maintains F6/08 revenue growth outlook at 35% yoy on a reduced headcount target. Company expects a modest Q4 F6/08.

Ã¤ Reiterate BUY on HCL Tech with a price target of Rs283 implying 15% upside.

Click below for the quarterly update of HCL Technologies Ltd.

http://www.indiainfoline.com/content/rep/Result_Analysis/2008/4/1642008/hcltech_0408.pdf

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Disclaimer

RESULTS: Actuals vs Estimates - from IndiaEarnings



Punj Lloyd
Net Sales	2,346.70	2,280.00	2.93
Net Profit	117.00	105.00	11.43


Larsen
Net Sales	8,467.00	7,866.00	7.64
Net Profit	967.00	846.00	14.30


ITC
Net Sales	3,934.00	3,909.30	0.63
Net Profit	735.00	749.20	- 1.90


Bank of Baroda
Net Interest Income	1,028.50	1,080.90	- 4.85
Net Profit	276.00	346.42	- 20.33


Suzlon Energy
Net Sales	4,923.70	4,785.40	2.89
Net Profit	464.80	487.20	- 4.60


SAIL
Net Sales	13,550.00	13,497.50	0.39
Net Profit	2,376.80	2,606.10	- 8.80


Chennai Petro
Net Sales	8,399.50	7,785.00	7.89
Net Profit	343.90	201.70	70.50


PNB
Net Interest Income	1,517.00	1,455.80	4.20
Net Profit	544.00	351.20	54.90


Kotak Mahindra
Net Interest Income	636.20	445.30	42.87
Net Profit	240.00	221.30	8.45


Ashok Leyland
Net Sales	2,562.00	2,530.00	1.26
Net Profit	180.50	165.00	9.39


Shree Cements
Net Sales	650.00	624.00	4.17
Net Profit	41.00	118.00	- 65.25


Union Bank
Net Interest Income	854.39	827.68	3.23
Net Profit	521.10	280.52	85.76


DLF
Net Sales	4,372.00	3,704.60	18.02
Net Profit	2,177.00	2,039.17	6.76


Patni Computer
Total Revenue	693.35	698.00	- 0.67
Net Profit	80.12	82.70	- 3.12


Grasim
Net Sales	2,742.35	2,675.00	2.52
Net Profit	487.00	498.00	- 2.21


ICICI Bank
Net Interest Income	2,079.50	2,203.65	- 5.63
Net Profit	1,150.00	975.20	17.92


Wockhardt
Net Sales	785.70	741.00	6.03
Net Profit	50.90	87.00	- 41.49


HUL
Net Sales	3,793.90	3,623.90	4.69
Net Profit	380.90	389.50	- 2.21


Reliance Infra
Total Revenue	1,614.00	1,708.00	- 5.50
Net Profit	311.00	223.60	39.09


Andhra Bank
Net Interest Income	414.90	383.77	8.11
Net Profit	124.25	155.50	- 20.10


Bharti Airtel
Total Revenue	7,819.00	7,549.70	3.57
Net Profit	1,853.00	1,789.70	3.54


Hero Honda
Net Sales	2,788.65	2,740.00	1.78
Net Profit	298.70	250.00	19.48


Idea Cellular
Net Sales	1,985.30	1,869.10	6.22
Net Profit	278.00	259.60	7.09


HDFC Bank
Net Interest Income	1,642.10	1,613.50	1.77
Net Profit	471.10	471.90	- 0.17


Oriental Bank
Net Interest Income	437.06	414.75	5.38
Net Profit	204.50	152.58	34.03


Indian Bank
Net Interest Income	513.21	617.67	- 16.91
Net Profit	241.67	296.37	- 18.46


UltraTechCement
Net Sales	1,602.00	1,540.00	4.03
Net Profit	283.00	278.00	1.80


Ranbaxy Labs
Net Sales	1,623.10	1,731.00	- 6.23
Net Profit	153.00	139.00	10.07


TCS
Total Revenue	6,094.70	6,220.80	- 2.03
Net Profit	1,255.90	1,345.80	- 6.68


Biocon
Net Sales	266.60	284.30	- 6.23
Net Profit	65.30	64.00	2.03


Reliance
Net Sales	37,286.00	36,319.00	2.66
Net Profit	3,912.00	4,067.70	- 3.83


Axis Bank
Net Interest Income	828.40	784.20	5.64
Net Profit	361.40	300.50	20.27


Satyam
Net Sales	2,416.00	2,353.20	2.67
Net Profit	466.90	488.10	- 4.34


Wipro
Total Revenue	5,691.90	5,628.50	1.13
Net Profit	880.00	872.00	0.92


MindTree
Total Revenue	217.80	199.50	9.17
Net Profit	34.70	26.70	29.96


Power Finance
Net Interest Income	516.00	543.70	- 5.09
Net Profit	297.64	359.25	- 17.15


Aztecsoft
Net Sales	68.70	67.80	1.33
Net Profit	3.15	4.50	- 30.00


Infosys
Total Revenue	4,542.00	4,527.40	0.32
Net Profit	1,249.00	1,253.80	- 0.38

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Sunday, April 20, 2008

HCL Technologies Ltd (Q3 F6/08): Indiainfoline

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RESULTS: Actuals vs Estimates - from IndiaEarnings