Profile
HCL Technologies (HCL) is a leading global technology company. HCL offers its services
and products through three business units - IT and Business Services (ITBS), Engineering
and R&D Services (ERS) and Products & Platforms (P&P).
Investment Rationale
Outlook & Valuation
We believe HCL is a key beneficiary of increasing IT spends globally. The business
is seeing significant traction in cloud, workplace transformation, digital, and
cyber security. The deal pipeline is robust with healthy large deal wins. We believe
HCL valuation should expand and the P/E difference as compared to Infosys &
TCS should narrow. HCL is currently trading at 15.4x FY22 earnings.