17 October 2013
1QFY14 Results Update | Sector:
Technology
HCL Technologies
BSE SENSEX
20,416
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
S&P CNX
6,046
HCLT IN
705.8
1,177/578
1/40/77
CMP: INR1,083
TP: INR1,275
Buy
M.Cap. (INR b)/(USD b) 764.5/12.5
Financials & Valuation (INR b)
Y/E JUN
Sales
EBITDA
PAT
EPS (INR)
2013
257.3
57.5
40.3
57.0
2014E 2015E
328.8
82.5
56.8
80.0
40.2
275.8
38.5
32.8
16.3
13.5
3.9
8.4
1.2
363.7
85.3
65.1
91.0
13.8
349.2
33.7
29.3
18.2
11.9
3.1
7.7
1.2
EPS Gr. (%) 62.6
BV/Sh.
205.9
(INR)
RoE (%)
32.2
RoCE (%)
Valuation
P/E (x)
19.0
P/BV (x)
5.3
EV/EBITDA 12.3
( )
Div yld (%) 1.1
29.1
Payout (%) 21.1
HCLT’s 1QFY14 constant currency revenue growth of 3.6% QoQ was in line with
our estimate. USD revenue grew 3.5% QoQ (v/s estimate of 3%) on 10bp impact
from cross currency v/s our estimate of 60bp. HCLT continued its trend of
surprising positively on the profitability front. EBITDA margin (post ESOP charge)
increased by 320bp QoQ to 26.3% (v/s estimate of 24.9%). The impact below
EBITDA of higher forex losses was offset by lower tax rate. Thus, PAT was
INR14.16b, +18.7% QoQ, above our estimate of INR13.3b, +16.9% QoQ, due to
operating margin beat.
IMS continued to be the biggest growth driver during the quarter, +8.7% QoQ,
while other services grew 1%. Among verticals, growth drivers were BFSI,
Manufacturing and Life Sciences.
Deal traction remained robust with the company announcing USD1b+ deals for the
fourth consecutive quarter. It also announced 9 large transformational
engagements during the quarter.
Management expects traction in IMS to continue unperturbed considering the low
penetration, and ramp-ups in deals to provide continued momentum in BFSI.
Despite multiple trends pulling growth in both directions, growth in software
services will improve going forward. More than 50% of the deals signed in the last
three quarters have been integrated contracts with multiple services.
Our EBIT margin estimates are revised upwards by 141bp/92bp following yet
another beat on profitability. On the back of margin upgrade, our EPS estimates
are revised upwards by 4.3%/6.8% for FY14E/FY15E. We expect HCLT to grow its
USD revenue at a CAGR of 13.7% over FY13-15E and EPS at a CAGR of 26.6%
during this period. The stock trades at 13.5x FY14E and 11.9x FY15E EPS. Our
target price of INR1,275 discounts FY15E EPS by 14x. Maintain
Buy.
Ashish Chopra
(Ashish.Chopra@MotilalOswal.com); +91 22 3982 5424
Siddharth Vora
(Siddharth.Vora@MotilalOswal.com); +91 22 3982 5585
Investors are advised to refer through disclosures made at the end of the Research Report.

HCL Technologies
1QFY14: Margin-led PAT beat; CC revenue growth in line & IMS-led
HCLT’s 1QFY14 revenues grew 3.5% QoQ to USD1,270m (v/s our estimate of
3.0% QoQ growth to USD1,265m). In constant currency terms, revenue growth
was 3.6% QoQ, in line with our estimate, but cross currency movements had
negligible impact (10bp) v/s our estimate of 60bp impact on sequential revenue
growth.
Revenues were in line with estimates in constant currency terms
USD Revenues (USD m)
8.98
7.50
5.83
5.29
4.08
1.97
804
864
915
963
1002
1022
2.54
1048
3.03
1080
3.17
1114
3.64
1154
3.16 3.09
1191
1228
3.48
1270
QoQ Growth (%, RHS)
Source: MOSL, Company
HCLT continued its trend of surprising positively on the profitability front.
EBITDA margin (post ESOP charge) increased by 320bp QoQ to 26.3%; (v/s
estimate of 24.9%). EBIT margin was 23.8%, +300bp QoQ v/s our estimate of
22.6%. QoQ expansion in EBIT margin is explained by: [1] Currency: +245bp, [2]
Utilization and other operational efficiencies (offsetting 50bp wage hikes
impacting): +45bp and G&A optimization: +10bp.
EBITDA margin improved due to offshore shift, currency and utilization
EBITDA margin (%)
15.4
15.2
14.7
13.9
14.4
14.5
14.2
13.2
13.0
13.2
SG&A as % of sales (RHS)
13.6
13.3
12.7
15.6
15.7
16.7
18.0
16.7
18.1
18.0
21.6
21.8
22.2
22.0
23.3
26.3
Source: MOSL, Company
PAT was INR14.16b, +18.7% QoQ, above our estimate of INR13.3b, +16.9% QoQ.
Apart from higher operating income, other income netted for forex losses was –
INR1.2b v/s our estimate of –INR0.387b. However, effective tax rate was 20.3%,
lower than estimate of 22%.
17 October 2013
2

HCL Technologies
Segment-wise performance: IMS continues to be the growth driver
IMS grew 8.7% QoQ to USD420m (v/s estimate of +6.1% QoQ growth to
USD410m), and continues to be the single largest growth driver for the
company. Remaining Services grew 1.1% QoQ to USD850m. Over the last 8
quarters, HCLT has grown IMS at a CQGR of 7%, while other segments have
grown at a CQGR of 1.5%.
IMS continues its growth momentum
Services
EAS
Engg and R&D Services
ADM
IMS
BPO
Contr.
To rev.
17.3
28.4
16.9
33.1
4.3
QoQ Gr.
1.1
1.1
0.6
8.7
3.5
Contr to
4 Qtr
inc rev.
CQGR (%)
5.8
(0.2)
5.4
1.6
5.4
1.1
79.1
9.1
4.3
2.2
Source: MOSL, Company
Among verticals, growth was driven by Financial Services (+6.9% QoQ CC),
Manufacturing (+5.4% QoQ CC) and Life Sciences & Healthcare (+6.5% QoQ CC).
4-quarter CQGR across verticals is fairly broad-based, led by Financial Services.
BFSI drove growth among verticals
Verticals
Financial Services
Manufacturing
Retail & CPG
Telecom MP&E
Life Sciences & Healthcare
Public Services
Others
Contr.
To rev.
26.0
33.3
8.3
9.1
11.6
7.8
3.9
QoQ Gr.
6.3
5.4
(0.1)
(6.8)
6.2
0.9
0.9
Contr to
4 Qtr
inc rev.
CQGR (%)
46.1
5.3
50.5
4.7
(0.3)
0.7
(19.6)
(0.1)
20.2
2.5
2.1
6.6
1.0
(6.4)
Source: MOSL, Company
Among geographies, RoW grew fastest (+8.5% QoQ CC), followed by US (+4%
QoQ CC). While Europe grew slower at 1% QoQ CC, it has been the key growth
driver in the recent quarters, with 4-quarter CQGR of 5.4%. Despite strong RoW
performance, its 4-quarter CQGR is still negative at -1.23%.
RoW grew fastest among geographies
Geographies
US
Europe
ROW
Contr.
To rev.
57.2
30.2
12.6
QoQ Gr.
3.8
2.5
4.3
Contr
4 Qtr
to inc rev.
CQGR (%)
62.9
3.4
21.6
5.4
15.5
(1.2)
Source: MOSL, Company
17 October 2013
3

HCL Technologies
Takeaways from Management Commentary
Growth in IMS to continue:
There is 20% increase in total market that will
undergo rebid next year. There has not been any let up in demand yet, and the
pipeline remains strong. The space is still highly underpenetrated, with
penetration at ~5%.
Expect software services growth to improve:
Despite multiple trends pulling
growth in both directions, growth in software services should improve going
forward. More than 50% of the deals signed in the last three quarters have been
integrated contracts with multiple services.
Margins:
Wage hikes will be a 120bp headwind in the next quarter. 50bp impact
from wage hikes in 1Q were totally absorbed by operational efficiencies. The
company has refrained from any outlook on reinvestment of currency benefits
for better growth, while citing ongoing efforts to continue optimizing its costs.
Traction in BFSI remains strong:
Project ramps have been driving revenue
momentum in the vertical, and revenue visibility remains good for the next
couple of quarters as well. HCLT improved cross selling in existing accounts in
FY13. Spends are happening across the board – large cost takeouts, vendor
consolidation on the cost optimization side and customer centricity, analytics
and cloud solutions on the discretionary side.
Change in estimates: Upgrading EPS on expectation of better profitability
Deal signings worth USD1b reinstated confidence in revenue growth prospects
at HCL Tech, driving our intact revenue growth estimates, but for incorporating
the impact of lower cross currency v/s our estimates. We expect HCLT to grow
its USD revenues 13.8% in FY14 and 13.6% in FY15.
Our EBIT margin estimates are revised upwards by 141bp/92bp following yet
another beat on profitability. HCLT had been guiding at 18-19% EBIT margin in
the past @INR55/USD, which translates into our estimate of 21% EBIT margin in
FY15 @INR60/USD.
On the back of marginal revenue upgrade and margin upgrade, our EPS estimate
are revised upwards by 4.3%/6.8% for FY14/FY15. Our FY14E EPS stands at
INR80, growth of 40.2% YoY and FY15E EPS is INR91, growth of 13.8% YoY.
Change in estimates
Revised
FY14E
FY15E
61.6
60.0
5,335
6,062
13.8%
13.6%
22.7%
21.1%
80.0
91.0
40.2%
13.8%
Earlier
FY14E
FY15E
61.6
60.0
5,324
6,013
13.6%
13.0%
21.3%
20.2%
76.7
85.2
34.5%
11.1%
Change
FY14E
FY15E
0.1%
0.0%
0.2%
0.8%
25bp
67bp
141bp
92bp
4.3%
6.8%
Source: MOSL, Company
INR/USD
USD Revenue - m
USD revenue growth
EBIT Margin
EPS - INR
EPS Growth
Valuation and View
Continued closure of orders keep prospects of revenue growth at HCLT
sanguine. A sustained revival in discretionary spending will potentially
compound to the revenue traction for the company. HCLT’s margins are the
highest in over a decade, and while the margins may cool off going forward, it is
braced for the best growth in earnings across the top-tier.
We expect HCLT to grow its USD revenues at a CAGR of 13.7% over FY13-15E
and EPS at a CAGR of 26.6% during this period. The stock trades at 13.5x FY14E
and 11.9x FY15E EPS. We see limited pressures to growth and margins in the
4
17 October 2013

HCL Technologies
near-to-medium term, and see HCLT positioned well to benefit from improving
trends in demand environment. Our target price of INR1,275 discounts FY15E
EPS by 14x. Maintain
Buy.
Other result highlights
Overall headcount increased by 1,691 employees during the quarter to 87,196
employees. Gross additions during the quarter of 8,061.
Attrition rate in IT Services was 16.1%, v/s 15.1% in 4QFY13
Billed receivables increased to 59 days (v/s 55 in 4QFY13)
Revenue proportion from Fixed Price contracts increased 230bp QoQ to 54.7%
Total hedges amount to USD1.58b, USD1.23b of which are cash flow hedges and
USD345m are Balance Sheet hedges. The hedges are at an average rate of
INR55.60 for the next 12 months and INR63.91 levels for future periods.
The company signed deals in excess of USD1bn TCV which includes 9
transformational deals.
Changes in disclosures
HCL Tech has made several changes to its disclosures of operating metrics,
making it incrementally challenging to identify underlying factors driving trends
in financial performance
Following Disclosures have been stopped:
1.
Segment wise profitability- IT Services, Infrastructure Services, BPO ,
Consolidated IT Services (IT Services+ Infrastructure Services)
2.
Employee stock option charge (Merged in the cost was given separately
previously).
3.
Client Metrics – New clients and Active Clients.
4.
Operating Metrics and Employee metrics have been reduced to the
following: Total Employees, Technical, Support, Gross Addition, Attrition( IT
Services, BPO), Blended Utilization. Previously 3 pages of detailed disclosure
across vertical were provided.
Following Disclosure have been changed:
1.
Income statement nos in INR have been prepared under USGAAP taking INR
as reporting currency, previously USD nos were translated in INR using
average exchange rates. This has led to restatement of previous quarter
numbers.
2.
Telecom vertical has been reclassified to Manufacturing and Telecom,
Media, Publishing & Entertainment verticals
17 October 2013
5

HCL Technologies
Operating Metrics
1QFY12
Service Line wise (%)
Enterprise application services
Engineering and R&D Services
Custom Application
Infrastructure Services
BPO Services
Vertical wise (%)
BFSI
Manufacturing
Retail & CPG
Telecom MP&E
Life Sciences
Public Services
Others
Geography wise (%)
US
Europe
ROW
Client wise (%)
Top 5 clients
Top 10 clients
Top 20 clients
QoQ Growth (%)
Service Line wise
Enterprise application services
Engineering and R&D Services
Custom Application
Infrastructure Services
BPO Services
Vertical wise
BFSI
Manufacturing
Retail & CPG
Telecom MP&E
Life Sciences
Public Services
Others
Geography wise
US
Europe
ROW
Client wise
Top 5 clients
Top 10 clients
Top 20 clients
19.8
18.6
32.4
24.6
4.6
25.1
29.0
8.5
6.8
7.6
8.0
6.6
55.8
26.6
17.5
15.3
24.1
34.2
2QFY12
20.3
18.9
32.8
23.4
4.5
25.3
29.5
8.8
6.4
8.6
6.4
6.9
58.8
26.8
14.4
15.8
24.2
33.9
3QFY12
20.7
18.5
32.1
24.0
4.7
24.0
29.0
8.6
6.7
9.1
6.8
7.2
56.7
27.6
15.7
16.0
24.3
33.9
4QFY12
20.8
18.6
31.3
24.8
4.4
23.8
28.4
8.6
6.7
10.8
7.2
6.4
56.6
28.0
15.4
16.4
24.7
34.1
1QFY13
19.9
18.1
31.0
26.6
4.5
24.1
31.6
9.2
10.4
12.0
6.9
5.8
57.0
27.9
15.1
16.2
24.5
33.6
2QFY13
19.0
17.6
30.6
28.4
4.4
25.8
27.2
9.0
7.0
11.9
7.0
4.8
56.9
28.5
14.6
15.7
24.2
33.3
3QFY13
19.0
17.1
29.7
29.9
4.3
25.0
28.4
8.9
6.7
11.3
7.7
4.8
57.1
28.9
14.0
15.4
24.0
32.8
4QFY13
17.3
17.3
29.2
31.5
4.3
25.3
32.7
8.6
10.1
11.3
8.0
4.0
57.0
30.5
12.5
15.4
23.8
33.0
1QFY14
17.3
16.9
28.4
33.1
4.3
26.0
33.3
8.3
9.1
11.6
7.8
3.9
57.2
30.2
12.6
15.1
23.8
33.2
-1.4
8.8
6.0
4.5
-2.3
0.5
7.8
12.0
-0.3
0.1
0.3
20.5
6.8
2.3
-1.4
3.4
2.0
0.8
4.5
3.6
3.2
-3.0
-0.3
2.8
3.7
5.6
-4.0
15.4
-18.4
6.6
7.4
2.6
-16.2
5.3
2.4
1.1
4.6
0.4
0.4
5.2
7.1
-2.7
0.8
0.2
7.4
8.5
9.0
7.0
-1.1
5.6
11.8
3.8
3.0
2.5
3.5
3.6
0.5
6.5
-3.6
2.2
0.9
3.0
3.0
22.3
9.1
-8.4
2.8
4.5
1.1
5.6
4.7
3.6
-1.3
0.4
2.2
10.7
5.5
4.5
14.8
10.4
60.1
14.6
-1.1
-6.5
3.9
2.8
1.2
1.9
2.3
1.7
-1.1
0.8
2.3
10.6
1.3
10.9
-10.8
1.4
-30.2
2.8
5.1
-14.2
3.5
5.9
0.2
0.4
2.4
2.7
3.2
0.2
0.1
8.6
0.8
0.0
7.7
2.0
-1.3
-2.0
13.5
3.2
3.5
4.6
-1.1
1.2
2.3
1.6
-6.1
4.3
1.4
8.6
3.1
4.3
18.7
-0.4
55.4
3.1
7.1
-14.1
2.9
8.8
-8.0
3.5
1.1
0.6
8.7
3.5
6.3
5.4
-0.1
-6.8
6.2
0.9
0.9
3.8
2.5
4.3
3.1
1.5
2.2
3.5
3.7
4.1
Source: MOSL, Company
17 October 2013
6

HCL Technologies
HCL Technologies: an investment profile
Company description
HCL Technologies is one of the largest IT services
companies in India, employing over 84,000 people. It is
a leader in remote infrastructure management,
engineering and R&D services and has sizeable BPO,
Enterprise Solutions and ADM practices.
Recent developments
HCLT won deals amounting to TCV of USD1b+ in
1QFY14.
HCL Tech signed 9 transformational deals during
quarter.
We expect HCLT to grow its USD revenues at a
CAGR of 13.7% over FY13-15 and EPS CAGR to be
26.6%.
The stock trades at 13.5x FY14E and 11.9x FY15E
EPS. Maintain
Buy,
with a target price of INR1,275,
which discounts our FY15E EPS by 14x.
Valuation and view
Key investment arguments
Healthy strike rate in large deal wins have
ascertained the company’s prowess in the RTB
space.
Fastest growth trajectory in the infrastructure
management space, the strongest growth segment
for Indian IT
A comprehensive IT services company with a wide
portfolio of services including R&D, Enterprise, BPO,
Infrastructure Management and Enterprise
Application services.
Sector view
Key investment risks
Risk-pricing in FPP contracts could go wrong
Slower than anticipated ramp-up in large deals
leading to moderation in revenue growth
Appreciation of the rupee and cross currency
movements could hamper profitability.
Uptick in demand environment in the US combined
with favorable currency are expected to drive
robust financial performance
Overhang from immigration bill, political
uncertainty in the US remain, which could be
potential detractors to healthy fundamentals over
near-to-medium term.
We prefer companies in the top-tier v/s tier-II, as
we see the former better guarded to sail through
any unforeseen headwinds over the near-to-
medium term to undergo, if the immigration bill is
passed in current form.
MOSL
Forecast
Consensus
Forecast
74.1
83.3
Variation
(%)
8.0
9.3
Comparative valuations
P/E (x)
P/BV (x)
EV/Sales (x)
EV/EBITDA (x)
FY14E
FY15E
FY14E
FY15E
FY15E
FY14E
FY14E
FY15E
HCL Tech
13.5
11.9
3.9
3.1
2.1
1.8
8.4
7.7
TCS
23.3
20.4
8.5
6.6
5.1
4.4
16.7
14.9
Wipro
16.5
15.0
3.7
3.1
2.6
2.3
11.4
10.4
EPS: MOSL forecast v/s consensus (INR)
FY14
FY15
80.0
91.0
Target price and recommendation
Current
Price (INR)
1,083
Target
Price (INR)
1,275
Upside
(%)
17.7
Reco.
Buy
Shareholding pattern (%)
Promoter
Domestic Inst
Foreign
Others
Jun-13
61.9
6.5
26.0
5.6
Mar-12
62.0
6.6
26.0
5.5
Jun-12
62.2
9.5
21.7
6.6
Stock performance (1-year)
17 October 2013
7

HCL Technologies
Financials and valuation
17 October 2013
8

HCL Technologies
NOTES
17 October 2013
9

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4. Investment Banking relationship with company covered
HCL TECHNOLOGIES
No
No
No
No
HCL Technologies
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For U.S.
Motilal Oswal Capital Markets Singapore Pte Limited is acting as an exempt financial advisor under section 23(1)(f) of the Financial Advisers Act(FAA) read with regulation 17(1)(d) of the Financial
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in Singapore to accredited investors, as defined in the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time.
In respect of any matter arising from or in connection with the research you could contact the following representatives of Motilal Oswal Capital Markets Singapore Pte Limited:
Kadambari Balachandran
Email : kadambari.balachandran@motilaloswal.com
Contact: (+65) 68189233 / 65249115
Office address: 21 (Suite 31), 16 Collyer Quay, Singapore 049318
For Singapore
Motilal Oswal Securities Ltd
17 October 2013
Motilal Oswal Tower, Level 9, Sayani Road, Prabhadevi, Mumbai 400 025
Phone: +91 22 3982 5500 E-mail: reports@motilaloswal.com
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