Financials HCL Technologies Limited

Equities

HCLTECH

INE860A01027

IT Services & Consulting

Market Closed - NSE India S.E. Other stock markets 12:43:47 26/04/2024 BST			5-day change	1st Jan Change
1,474 ^INR	-2.01%		+1.82%	+0.53%

04-26	HCL Technologies Limited Provides Earnings Guidance for the Financial Year 2025	CI
04-26	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	1,184,243	2,666,583	3,151,627	2,938,146	4,179,869	3,991,172	-	-
Enterprise Value (EV) ¹	1,119,721	2,549,528	2,969,664	2,759,766	4,179,869	3,688,015	3,680,064	3,481,105
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)	2,713,665	2,713,665	2,708,165	2,707,345	2,707,958	2,707,991	-	-
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	753,187	764,137	874,825	1,014,560	1,099,130	1,174,233	1,305,507	1,400,684
EBITDA ¹	173,160	203,631	209,524	226,280	242,000	261,287	293,823	313,789
EBIT ¹	138,960	163,211	165,314	184,830	200,270	219,565	247,787	268,400
Operating Margin	18.45%	21.36%	18.9%	18.22%	18.22%	18.7%	18.98%	19.16%
Earnings before Tax (EBT) ¹	149,395	163,970	172,964	194,880	209,670	230,827	261,203	285,884
Net income ¹	117,778	126,223	137,684	148,510	157,020	172,640	197,428	213,859
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	112,226	175,442	155,751	163,480	-	161,368	188,903	196,506
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	220,648	228,071	234,640	246,860	263,458	266,060	262,960	266,720	284,460	284,990	284,643	287,248	296,429	299,732	309,053
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	117,055	181,963	178,380	-	303,157	311,107	510,067
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	112,226	175,442	155,751	163,480	-	161,368	188,903	196,506
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	739,824	863,420	896,789	912,589	-	1,028,605	1,101,887	-
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

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