HCL Technologies
BSE SENSEX
25,400
S&P CNX
7,759
4 April 2016
Update
| Sector:
Technology
CMP: INR821
TP: INR1,000(+22%)
Buy
Enhances engineering services portfolio through GEOM
Access to ~60 customers; largely margin and EPS neutral
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
M.Cap. (INR b)
M.Cap. (USD b)
Avg Val ( INRm)
Free float (%)
HCLT IN
1,410.4
1,048/786
-3/4/0
1,157.5
17.5
2,002
39.4
Two-part deal
Financials Snapshot (INR b)
Y/E Mar
2016E* 2017E 2018E
Sales
312.9 496.0 578.8
EBITDA
68.8 107.6 124.5
PAT
56.1
84.9
96.5
39.8
59.7
67.4
EPS (INR)
-21.0
50.2
12.8
EPS Gr. (%)
201.6 240.3 285.8
BV/Sh. (INR)
21.2
27.4
26.2
RoE (%)
23.0
31.3
30.6
RoCE (%)
21.1
14.1
12.5
P/E (x)
4.2
3.5
2.9
P/BV (x)
*FY16 is 9months period ending Mar16
Shareholding pattern (%)
As On
Promoter
DII
FII
Others
Dec-15 Sep-15 Dec-14
60.4
5.5
27.6
6.6
60.6
5.0
28.4
6.1
61.4
3.7
29.0
5.8
HCLT entered into a deal to acquire the complete stake in GEOM, except for
the 58% stake the latter owns in 3DPLM Software Solutions, a JV with Dassault
Systemes.
As a consideration for this acquisition, HCLT will issue 10 shares for every 43
shares of GEOM, effectively valuing it at ~USD190m at current prices.
Dassault Systemes would wholly own 3DPLM, in exchange for which GEOM
shareholders will receive one listed redeemable preference share of INR68 per
share held, with a 7% pa preferential dividend.
2% revenue accretion, 10bp margin dilution for HCLT
In 9MFY16, GEOM (excluding 3DPLM)’s revenue totaled USD104m, and EBIT
margin stood at 8.2%. Assuming continuity of the current revenue rate and
EBIT margin sustainability at 13.5% in 3QFY16, the acquisition would add ~2%
to HCLT’s revenue and result in an EBIT margin dilution of 10bp.
While the acquisition would be accretive to earnings by 1%, the flow down to
EPS gets negated by ~1% equity share dilution.
Farming-led growth potential…
FII includes depository receipts
Stock Performance (1-year)
HCL Technologies
Sensex - Rebased
1,050
975
900
825
750
The acquisition would strengthen HCLT’s capabilities in engineering services,
primarily PLM consulting, mechanical and manufacturing. Engineering services
has been the company’s key strategic focus area, contributing 19% to total
revenue. As part of the deal, 2,606 workers would be onboarded across 13
global delivery locations including the US, France, Germany, Romania, India
and China.
HCLT recently announced the acquisition of Volvo’s external IT business, which
registered LTM revenue of USD190m. Furthermore, GEOM lends access to
another set of top clientele that can further augment growth. In fact, HCLT’s
potential to enhance its large client base appears the strongest on paper.
The company would gain access to 60 customers due to this acquisition,
primarily in automotive (45% of revenue), industrial (22%) and aerospace
(10%). GEOM’s clientele includes some marquee names such as Chrysler, Ford,
John Deere, Aerolia and Pratt & Whitney, among others.
Ashish Chopra
(Ashish.Chopra@MotilalOswal.com); +91 22 3982 5424
Sagar Lele
(Sagar.Lele@MotilalOswal.com); +91 22 3982 5585
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

HCL Technologies
… in part justifies a higher valuation multiple
Annualizing GEOM’s 3QFY16 PAT (ex. 3DPLM) of INR200m implies a multiple of
16x on FY16 earnings.
Although this appears to be on the higher side, risks in the deal are limited
assuming margin sustainability, minimal impact on HCLT’s EBIT margin (-10bp),
and on earnings. We don’t we the management bandwidth getting significantly
distracted in the aftermath of the integration process (relative to deals like
TECHM’s acquisition of LCC, where size itself meant greater impact).
HCLT’s margin performance—more from the Volvo acquisition vis-à-vis GEOM—
will be crucial for valuation. Though the EBIT margin was projected to be in the
range of 21–22% during January–March 2016, we forecast it to reach 20.4% in
FY17. Margins sustaining below 20% would be a key negative, indicating margin
weakness in the core business as opposed to a result of the Volvo integration,
which, in our view, should dilute margins by 80–100bp.
4 April 2016
2

HCL Technologies
Exhibit 1: HCLT – the largest listed vendor for engineering services
Engineering revenue in FY15 (USDm)
Engineering revenue in FY15 (% of total revenue)
1,087
699
298
5%
TCS
3%
INFO
694
18%
265
61%
30%
148
KPIT
10%
WPRO
HCLT
CYL
Source: MOSL, Company
Exhibit 2: Significant opportunities in engineering services
Global ER&D
spend
(USD1,440b)
Global
sourcing
market
(USD68b)
India's ER&D
market
(USD17b)
Source: MOSL, Company
Exhibit 3: Strong growth in HCLT's engineering services revenue (YoY, %)
Engineering services
24.4
13.9
8.1
5.2
5.0
5.8
6.8
8.2
8.1
7.3
6.5
28.0
26.0
20.9
Source: MOSL, Company
Exhibit 4: GEOM – Consolidated financials
Revenue (USDm)
Revenue (INRm)
EBIT (INRm)
EBIT margin (%)
PAT
FY14
181
10,955
1,692
15.5%
462
FY15
9MFY16
181
142
11,053
9,208
941
967
8.5%
10.5%
552
711
Source: MOSL, Company
4 April 2016
3

HCL Technologies
Exhibit 5: GEOM – 3DPLM
Revenue (USDm)
Revenue (INRm)
EBITDA (INRm)
EBITDA margin (%)
PAT
FY14
51
3,083
887
28.8%
299
FY15
9MFY16
48
38
2,914
2,473
995
804
34.1%
32.5%
340
258
Source: MOSL, Company
Exhibit 6: GEOM – excluding 3DPLM
Revenue (USDm)
Revenue (INRm)
EBITDA (INRm)
EBITDA margin (%)
PAT
FY14
130
7,871
513
6.5%
164
FY15
133
8,139
501
6.2%
211
9MFY16
104
6,735
778
11.5%
452
Source: MOSL, Company
Exhibit 7: Change in estimates
GEOM
140
9.4
1.3
13.5
0.8
65.7
FY17E
HCLT
Combined
7,224
7,294
491.2
496
100.8
101.5
20.5
20.5
84.5
84.9
1,413.9
1,430.6
Change
1.0%
1.0%
0.6%
-7bp
0.5%
1.2%
0.0%
GEOM
147
10.3
1.4
13.5
0.9
65.7
FY18E
HCLT
Combined
8,122
8,269
568.5
579
116.5
117.9
20.5
20.4
95.7
96.6
1,413.9
1,433.3
Change
1.8%
1.8%
1.2%
-12bp
0.9%
1.4%
0.1%
Revenue (USDm)
Revenue (INRb)
EBIT (INRb)
EBIT margin (%)
PAT (INRb)
Number of shares (m)
EPS (INR)
Source: MOSL, Company
4 April 2016
4

HCL Technologies
Valuation view
Maintain Buy on healthy near-term growth visibility
HCLT’s differentiated positioning in IMS helped in registering higher growth
compared to the industry average over the last few years. Additionally, the
company strengthened capabilities in engineering services from CY15.
Nevertheless, the rapid decline in margins (522bp over the last seven quarters)
led to uncertainty with regard to revival in margins, along with tepid revenue
growth during the last couple of quarters.
While 1HFY16 was relatively muted, led by transition in IMS deals and some
softness in select verticals, the visibility appears strong in the near term;
opportunities in IMS and engineering should bolster HCLT’s growth compared to
peers.
1. The YoY growth in IMS, which registered a CAGR of 30% over FY10–15 and
contributed 46% to HCLT’s incremental revenues, has decelerated in recent
quarters. Although this factor has raised concerns about heightened
competitive pressures, the company’s number of deals has remained
healthy. We expect growth in IMS to remain strong at least in the
foreseeable future. HCLT enjoys a healthy lead as far as scale in IMS is
concerned, with FY15 revenue of USD2.2b+.
2. Total spending on engineering services and R&D is estimated at USD1.4t, of
which exports from India are pegged at a mere USD12.5b. Of this, ~50% is
expected to be serviced out of captives and the remaining outsourced to
third-party vendors like HCLT. According to Nasscom, ER&D exports are
projected to reach ~USD50b by 2020. With FY15 revenues of USD1b+, HCLT
is the largest outsourcer of engineering services (19% of total revenue).
HCLT trades at 14.1x/12.5x FY17E/FY18E EPS. In our opinion, revenues and EPS
would post a CAGR of 15% and 13%, respectively, over FY16–18. Our one-year
target price of INR1,000 discounts FY18E earnings by 15x. While the valuation
has considered opportunities in IMS and engineering, it also factors in risks to
IMS’s growth beyond the foreseeable future due to market disruption through
cloud/automation/software-defined infrastructure. While these trends do not
pose a risk to HCLT’s ability to continue gaining a higher market share, they do
introduce a greater element of uncertainty compared to earlier. Our TP implies
an upside of 22%. Consequently, we maintain
Buy.
Key triggers
Uptick in quarterly deal wins TCV, led by compounding of engineering services
deals to IMS and ITO signings
Return to industry-leading growth
Sustain broad-based growth
Key risks
Further decline in margins beyond the next couple of quarters
Decelerated IMS growth amid an increase in competitive pressures
Discontinuation of traction in engineering or financial services
4 April 2016
5

HCL Technologies
Exhibit 8: HCLT one-year forward PE chart
28
22
16
10
4
5.8
15.2
14.7
14.9
PE (x)
Median(x)
Peak(x)
Min(x)
Avg(x)
25.1
Exhibit 9: HCLT one-year forward PB chart
6.5
5.0
3.5
2.0
0.5
3.3
3.3
1.0
PB (x)
Median(x)
Peak(x)
Min(x)
Avg(x)
5.2
3.5
Exhibit 10: Comparative valuations
Company
TCS
Infosys
Wipro
HCL Tech
TechM
Cognizant
Mkt cap
(USD b)
74.7
41.9
20.9
17.3
6.9
34.9
Rating
Neutral
Buy
Neutral
Buy
Neutral
Not Rated
TP (INR)
2,615
1,350
630
1,000
550
Upside
(%)
3.8
10.8
11.7
22.9
15.8
EPS (INR)
FY17E
FY18E
136.7
69.0
37.4
59.7
36.7
3.0
155.3
77.1
43.5
67.4
41.1
3.4
P/E (x)
FY17E
FY18E
18.4
17.7
15.1
13.6
13.0
19.2
16.2
15.8
13.0
12.1
11.5
16.8
RoE (%)
FY16–18E CAGR (%)
FY17E
FY18E
USD rev.
EPS
35.6
25.4
19.0
27.4
20.7
17.8
33.2
25.0
19.7
26.2
17.6
17.2
10.6
13.2
10.1
14.7
9.0
12.5
12.7
14.8
9.9
12.7
11.3
13.3
Source: Bloomberg, Company, MOSL
4 April 2016
6

HCL Technologies
Story in charts
Exhibit 11: Continued opportunities from churn in rebid
market
Churn market oppurtunity (USD b)
Dec 2011 estimates
Dec 2013 estimates
Exhibit 12: HCLT continues to capitalize on deal wins
Deals TCV (USD b)
2
1
1
1
42
48
28
46
24
34
54
2017
26
2018
1
1
2
1
1
1
2014
2015
2016
Source: Company, MOSL
Source: Company, MOSL
Exhibit 13: IMS growth moderation, albeit strong as of now,
could impact future potential
IMS Revenues
% of overall revenues
% of incremental revenues
68
41
16
23 21
23
30
24
29 29
67
41
49
35
Exhibit 14: Parts, apart from IMS, aiding incremental growth
Incremental Revenue Contribution (%)
67.3
67.4
36.5
21.6
8.6
FY12
FY13
9.3
FY14
FY15
1HFY16
48.9
37.1
IMS
ER&D
34
35
30.3
15.9
29.5
21.6
FY09
FY10
FY11
FY12
FY13
FY14
FY15 1HFY16
FY11
Source: Company, MOSL
Source: Company, MOSL
Exhibit 15: Operating margins bottomed out at current
levels
EBIT margin (%)
SGA (%)
Exhibit 16: Growth in PAT to be similar to revenue with
margin stabilization
PAT (INR m)
63.9
52.6
58.3
71,057
40,250
63,709
84,917
56,148
5.4
13.4
13.6
YoY growth (%)
96,479
14.8
14.0
13.3
12.3
12.3
12.7
12.8
13.0
36.8
24,553
13.4
FY11
16.0
FY12
19.7
FY13
24.1
FY14
22.3
FY15
20.6
20.5
20.4
16,092
FY11
11.5
FY16E FY17E FY18E
Source: Company, MOSL
FY12
FY13
FY14
FY15
FY16E FY17E FY18E
Source: Company, MOSL
4 April 2016
7

HCL Technologies
Exhibit 17: Comparative Valuation
4QFY13 1QFY14
Service line wise (%)
Application Services
Engineering and R&D Services
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
Application Services
Engineering and R&D Services
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
3.1
2.2
3.7
1.5
3.5
4.1
1.9
4.0
5.3
4.4
4.3
4.9
1.3
1.6
1.8
-0.2
-0.7
-0.2
1.1
0.4
2.1
-3.6
-2.3
-0.6
0.9
2.7
3.8
3.5
1.4
0.5
1.4
0.5
1.4
2.9
8.8
-8.0
4.0
2.6
3.2
3.4
7.8
-2.3
0.4
4.8
11.0
1.3
7.4
2.2
5.7
-0.3
-8.9
6.0
2.1
-0.6
0.0
-2.6
7.9
5.1
1.2
-1.3
0.6
4.8
-12.3
5.4
-4.4
-3.9
4.3
18.7
-0.4
55.4
3.1
7.1
-14.1
6.2
5.6
-0.7
-6.4
6.8
1.5
-2.6
3.8
5.0
7.5
1.2
-3.8
21.8
-16.9
6.8
2.0
2.8
-2.6
-0.7
13.9
-20.4
9.3
-2.1
2.9
9.5
1.4
2.8
2.1
1.2
4.4
14.3
-0.4
-2.1
-6.1
-6.7
-1.9
5.9
5.6
0.4
17.9
6.2
-15.8
-2.0
1.3
-13.4
7.1
0.8
9.3
-12.0
2.8
1.0
8.1
8.9
10.5
-3.8
-10.6
0.8
-0.2
0.5
1.5
3.8
3.6
-53.6
0.6
-1.7
9.5
2.5
-0.2
7.5
1.4
-0.7
4.3
8.6
3.1
0.8
1.4
8.7
1.9
2.4
2.1
6.0
13.7
2.9
0.1
5.1
-0.7
1.6
3.8
3.7
17.7
0.0
7.6
1.9
-0.2
1.6
11.5
3.6
2.0
-2.1
3.0
0.4
4.1
1.6
2.0
5.5
4.8
-0.7
3.3
-0.1
2.8
1.4
-1.8
2.6
5.2
15.4
23.8
33.0
15.1
23.8
33.2
14.8
23.8
33.6
15.0
24.1
34.2
14.7
23.7
33.7
14.4
23.1
33.0
14.0
22.3
32.4
13.5
21.8
32.2
13.2
21.7
32.4
13.6
21.9
32.4
13.6
21.7
32.4
57.0
30.5
12.5
57.2
30.2
12.6
56.9
31.3
11.8
55.4
31.8
12.8
54.3
33.0
12.7
56.3
32.3
11.4
57.4
31.7
10.9
57.5
31.0
11.5
58.6
30.4
11.0
58.7
31.7
9.6
61.0
29.9
9.1
25.3
32.7
8.6
10.1
11.3
8.0
4.0
26.0
33.3
8.3
9.1
11.6
7.8
3.9
25.9
33.6
8.6
8.9
10.8
9.2
3.1
26.9
33.3
8.5
8.4
10.4
10.1
2.3
28.4
31.6
8.5
8.9
10.2
10.1
2.3
28.2
32.3
9.5
8.7
9.8
9.3
2.2
26.6
32.9
9.7
8.4
11.1
9.5
1.8
26.1
33.4
8.4
9.0
11.2
10.4
1.5
26.0
32.7
8.8
9.5
12.0
9.7
1.3
26.1
32.5
8.8
9.6
12.4
10.0
0.6
25.9
31.5
9.5
9.7
12.2
10.6
0.6
46.9
17.3
31.5
4.3
45.8
16.9
33.1
4.2
45.1
16.6
33.7
4.6
44.9
16.1
34.5
4.5
44.2
16.2
34.5
5.1
43.4
17.1
34.5
5.0
42.4
18.3
34.4
4.9
41.5
18.9
34.5
5.1
40.9
18.7
35.3
5.2
40.4
19.2
35.1
5.3
40.4
18.6
35.5
5.5
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
Source: Company, MOSL
4 April 2016
8

HCL Technologies
Financials and Valuations
Key assumption
2011
INR/USD Rate
Revenues (USD m)
IMS Revenue (USD m)
Software Services Rev (USD m)
Total Headcount
Net Addition
Per Capita Productivity (USD)
44.9
3,545
827
2,523
77,046
12,489
46,015
2011
159,118
26.6
26,312
16.5
4,935
21,377
-541
0
20,836
4,744
22.8
0
16,092
16,092
36.7
2012
50.7
4,152
1,005
2,957
84,319
7,273
49,237
2012
210,312
32.2
39,396
18.7
5,641
33,755
-1,170
0
32,585
8,032
24.6
0
24,553
24,553
52.6
2013
54.9
4,687
1,367
3,114
85,505
1,186
54,810
2013
257,336
22.4
57,536
22.4
6,726
50,810
1,570
0
52,380
12,130
23.2
0
40,250
40,250
63.9
2014
61.4
5,360
1,820
3,293
91,691
6,186
58,454
2014
329,180
27.9
86,670
26.3
7,320
79,350
-160
0
79,190
15,480
19.5
1
63,709
63,710
58.3
2015
62.3
5,952
2,064
3,588
106,107
14,416
56,097
2015
370,620
12.6
87,020
23.5
4,440
82,580
7,559
1,551
91,690
19,080
20.8
2
72,608
71,059
11.5
2016E*
66.3
4,718
1,684
2,776
108,696
2,589
57,873
2016E*
312,924
-15.6
68,840
22.0
4,345
64,495
6,803
0
71,298
15,149
21.2
0
56,148
56,148
-21.0
2017E
68.0
7,294
2,920
3,973
132,366
23,670
55,102
2017E
495,967
58.5
107,624
21.7
6,193
101,431
6,744
0
108,175
23,258
21.5
0
84,917
84,917
51.2
2018E
70.0
8,269
3,370
4,436
148,196
15,830
55,799
2018E
578,846
16.7
124,468
21.5
6,508
117,960
5,529
0
123,489
27,010
21.9
0
96,479
96,479
13.6
Income Statement
Y/E Jun
Net Sales
Change (%)
EBITDA
EBITDA Margin (%)
Depreciation
EBIT
Other Income
Extraordinary items
PBT
Tax
Tax Rate (%)
Min. Int. & Assoc. Share
Reported PAT
Adjusted PAT
Change (%)
(INR Million)
Balance Sheet
Y/E Jun
Share Capital
Reserves
Net Worth
Debt
Total Capital Employed
Gross Fixed Assets
Less: Acc Depreciation
Net Fixed Assets
Intangibles
Investments
Current Assets
Debtors
Cash & Bank
Loans & Adv, Others
Curr Liabs & Provns
Net Current Assets
Total Assets
*FY16 is 9months period ending Mar16
2011
2,729
81,616
84,345
21,240
105,585
49,608
27,443
22,165
52,270
19,991
51,809
34,065
5,198
12,546
40,650
11,159
105,585
2012
2,762
104,552
107,314
19,222
126,536
57,859
33,084
24,775
69,453
19,723
75,325
53,440
6,673
15,212
62,740
12,585
126,536
2013
2,777
140,168
142,945
6,960
149,905
67,093
39,810
27,283
72,046
42,991
88,159
61,767
7,321
19,071
80,574
7,585
149,905
2014
2,793
198,021
200,814
7,509
208,323
78,595
47,130
31,465
74,954
89,948
108,537
77,086
10,206
21,245
96,581
11,956
208,323
2015
2,797
244,713
247,510
4,690
252,200
89,770
51,570
38,200
82,700
104,450
131,760
94,860
13,520
23,380
104,910
26,850
252,200
2016E*
2,799
279,381
282,180
1,597
283,777
103,554
51,570
51,984
91,534
109,995
139,002
101,267
8,506
29,229
108,737
30,265
283,777
(INR Million)
2017E
2,802
333,853
336,656
1,597
338,253
110,961
51,570
59,391
98,545
109,995
202,012
122,293
44,476
35,242
131,690
70,322
338,253
2018E
2,806
398,155
400,961
1,597
402,558
118,453
51,570
66,883
104,797
109,995
274,731
142,729
91,398
40,604
153,848
120,883
402,558
4 April 2016
9

HCL Technologies
Financials and Valuations
Ratios
Y/E Jun
Basic (INR)
EPS
Cash EPS
Book Value
DPS
Payout (incl. Div. Tax.)
Valuation(x)
P/E
Cash P/E
Price / Book Value
EV/Sales
EV/EBITDA
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
Turnover Ratios (%)
Asset Turnover (x)
Debtors (No. of Days)
Leverage Ratios (%)
Net Debt/Equity (x)
0.2
0.1
0.0
0.0
0.0
0.0
-0.1
-0.2
7.8
74.0
9.0
75.9
9.9
81.7
11.2
77.0
10.6
84.7
6.9
114.4
8.9
82.3
9.2
83.6
20.8
19.7
25.6
26.8
32.2
33.3
37.1
40.9
31.7
33.9
21.2
23.0
27.4
31.3
26.2
30.6
18.6
16.7
5.8
3.3
12.5
1.3
16.7
15.4
4.7
2.9
12.2
1.9
21.1
19.6
4.2
3.4
15.4
1.8
14.1
13.2
3.5
2.1
9.5
2.1
12.5
11.7
2.9
1.7
7.9
2.3
11.5
15.1
61.8
3.8
32.6
17.5
21.6
77.7
6.0
34.3
28.6
33.3
103.0
6.0
21.0
45.1
50.3
143.8
11.0
24.4
50.4
54.5
177.0
16.0
31.8
39.8
42.8
201.6
15.0
37.7
59.7
63.7
240.3
18.0
30.1
67.4
71.9
285.8
19.0
28.2
2011
2012
2013
2014
2015
2016E*
2017E
2018E
Cash Flow Statement
Y/E Jun
Adjusted EBITDA
Non-cash opr. exp (inc)
(Inc)/Dec in Wkg. Cap.
Tax Paid
Other operating activities
CF from Op. Activity
(Inc)/Dec in FA & CWIP
Free cash flows
(Pur)/Sale of Invt
Others
CF from Inv. Activity
Inc/(Dec) in Net Worth
Inc / (Dec) in Debt
Divd Paid (incl Tax) & Others
CF from Fin. Activity
Inc/(Dec) in Cash
Add: Opening Balance
Closing Balance
*FY16 is 9months period ending Mar16
2011
26,312
-752
-4,836
-4,744
0
15,980
-7,370
8,610
-50
0
-7,420
3,885
-5,392
-6,541
-8,048
512
4,686
5,198
2012
39,396
-9,657
-6,410
-8,032
0
15,297
-15,777
-480
6,727
0
-9,050
8,118
-2,018
-10,871
-4,772
1,475
5,198
6,673
2013
57,536
-2,415
3,843
-12,130
0
46,834
-9,412
37,422
-21,463
0
-30,875
5,134
-12,262
-8,183
-15,311
648
6,673
7,321
2014
86,670
-999
-950
-15,480
0
69,241
-13,412
55,829
-47,493
0
-60,905
12,155
549
-18,156
-5,452
2,884
7,321
10,206
2015
87,020
-7,200
-9,555
-19,080
0
51,185
-10,172
41,013
-16,527
0
-26,699
1,040
-2,819
-19,393
-21,171
3,315
10,206
13,520
2016E*
68,840
-3,417
-7,810
-15,149
0
42,464
-23,546
18,918
-6,164
0
-29,710
3,853
-3,093
-18,528
-17,768
-5,015
13,520
8,506
2017E
107,624
-7,011
-6,550
-23,258
0
70,805
-13,600
57,205
2,463
0
-11,137
-6
0
-23,691
-23,697
35,971
8,506
44,476
(INR Million)
2018E
124,468
-6,252
-5,836
-27,010
0
85,370
-14,000
71,370
2,196
0
-11,804
-10
0
-26,635
-26,645
46,922
44,476
91,398
4 April 2016
10

HCLT GALLERY
HCLT
OTHER COMPANIES
SECTOR UPDATES

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