HCL Technologies Ltd

About

HCL Tech is a leading global IT services company, which is ranked amongst the top five Indian IT services companies in terms of revenues. Since its inception into the global landscape after its IPO in 1999, HCL Tech has focused on transformational outsourcing, and offers an integrated portfolio of services including software-led IT solutions, remote infrastructure management, engineering and R&D services and BPO. The company leverages its extensive global offshore infrastructure and network of offices in 46 countries to provide multi-service delivery in key industry verticals.

Key Points

Segment wise revenue breakup. [1]
IT and Business Services – 72%
Engineering and R&D services - 17%
Products & Platforms – 12%

See full details
  • Market Cap 339,520 Cr.
  • Current Price 1,251
  • High / Low 1,378 / 800
  • Stock P/E 29.4
  • Book Value 224
  • Dividend Yield 1.76 %
  • ROCE 25.7 %
  • ROE 19.8 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 19.88%
  • Company's median sales growth is 19.49% of last 10 years

Cons

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
15,699 15,990 16,427 17,527 18,135 18,587 17,842 18,594 19,302 19,641 20,068 20,655
12,067 12,396 12,857 13,268 13,506 13,729 13,085 13,476 13,678 15,092 15,006 15,633
Operating Profit 3,632 3,594 3,570 4,259 4,629 4,858 4,757 5,118 5,624 4,549 5,062 5,022
OPM % 23% 22% 22% 24% 26% 26% 27% 28% 29% 23% 25% 24%
Other Income 134 200 183 102 157 147 295 199 189 244 255 240
Interest 55 69 87 136 158 124 125 80 147 159 89 83
Depreciation 541 545 735 747 942 996 1,065 1,092 1,187 1,267 1,128 1,078
Profit before tax 3,170 3,180 2,931 3,478 3,686 3,885 3,862 4,145 4,479 3,367 4,100 4,101
Tax % 18% 20% 24% 22% 20% 18% 24% 24% 11% 67% 22% 20%
Net Profit 2,605 2,550 2,230 2,711 2,944 3,172 2,931 3,143 3,969 1,102 3,205 3,259
EPS in Rs 9.60 9.40 8.22 9.99 10.85 11.69 10.80 11.58 14.63 4.06 11.81 12.01

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Jun 2010 Jun 2011 Jun 2012 Jun 2013 Jun 2014 Jun 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
12,136 15,730 20,831 25,581 32,144 36,701 31,136 47,568 50,569 60,427 70,676 75,379 79,666
10,204 13,275 17,135 19,901 24,108 28,215 24,482 37,178 39,323 46,501 53,360 55,331 59,409
Operating Profit 1,933 2,456 3,695 5,680 8,035 8,486 6,654 10,390 11,246 13,926 17,316 20,048 20,257
OPM % 16% 16% 18% 22% 25% 23% 21% 22% 22% 23% 24% 27% 25%
Other Income 162 300 206 332 677 1,126 871 1,069 1,230 943 589 927 928
Interest 204 160 143 106 114 91 74 89 69 174 505 511 478
Depreciation 418 460 549 637 681 404 410 828 1,383 2,073 3,420 4,611 4,660
Profit before tax 1,472 2,135 3,210 5,270 7,917 9,117 7,041 10,542 11,024 12,622 13,980 15,853 16,047
Tax % 14% 23% 24% 23% 18% 20% 20% 18% 21% 20% 21% 30%
Net Profit 1,259 1,647 2,423 4,040 6,510 7,317 5,602 8,606 8,721 10,120 11,057 11,145 11,535
EPS in Rs 4.64 5.98 8.74 14.49 23.25 26.02 19.86 30.16 31.32 37.31 40.75 41.07 42.51
Dividend Payout % 22% 31% 34% 21% 11% 58% 40% 40% 19% 11% 25% 24%
Compounded Sales Growth
10 Years:20%
5 Years:19%
3 Years:14%
TTM:9%
Compounded Profit Growth
10 Years:24%
5 Years:14%
3 Years:9%
TTM:-5%
Stock Price CAGR
10 Years:28%
5 Years:25%
3 Years:35%
1 Year:51%
Return on Equity
10 Years:25%
5 Years:24%
3 Years:23%
Last Year:20%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Jun 2010 Jun 2011 Jun 2012 Jun 2013 Jun 2014 Jun 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
136 138 139 139 140 281 282 285 278 271 543 543 543
Reserves 6,151 7,514 9,696 13,020 19,402 23,943 27,109 32,664 36,108 41,095 50,724 59,370 60,133
Borrowings 2,724 2,187 2,179 1,044 1,018 648 1,090 582 557 4,195 7,986 6,501 6,265
3,592 4,061 6,323 8,196 9,419 10,373 10,860 12,231 11,046 12,788 23,566 19,633 18,980
Total Liabilities 12,603 13,901 18,338 22,399 29,980 35,245 39,341 45,762 47,989 58,349 82,819 86,047 85,921
4,840 5,246 6,453 6,753 7,444 8,275 9,716 15,235 18,753 22,888 37,490 37,145 35,853
CWIP 609 556 578 494 531 552 611 448 320 235 400 312 217
Investments 832 738 673 713 662 869 698 1,306 2,660 2,305 7,066 6,862 7,032
6,322 7,362 10,633 14,440 21,343 25,548 28,315 28,773 26,256 32,921 37,863 41,728 42,819
Total Assets 12,603 13,901 18,338 22,399 29,980 35,245 39,341 45,762 47,989 58,349 82,819 86,047 85,921

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Jun 2010 Jun 2011 Jun 2012 Jun 2013 Jun 2014 Jun 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
1,821 1,796 2,418 4,492 6,457 5,539 3,823 8,995 8,328 8,971 13,359 19,618
83 -690 -1,026 -2,361 -4,842 -2,088 -2,208 -3,890 -2,236 -3,256 -12,332 -5,677
-728 -1,054 -1,239 -2,086 -1,308 -3,140 -2,237 -4,517 -5,714 -1,471 -3,168 -11,180
Net Cash Flow 1,176 52 153 44 307 311 -623 588 378 4,244 -2,141 2,761

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Jun 2010 Jun 2011 Jun 2012 Jun 2013 Jun 2014 Jun 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 76 61 68 64 65 65 91 64 70 71 73 66
Inventory Days
Days Payable
Cash Conversion Cycle 76 61 68 64 65 65 91 64 70 71 73 66
Working Capital Days 23 20 20 17 17 30 66 39 60 52 29 52
ROCE % 20% 24% 31% 41% 46% 40% 28% 34% 31% 31% 27% 26%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
60.17 60.00 60.00 60.00 60.00 59.98 60.33 60.33 60.33 60.33 60.33 60.33
28.01 28.28 28.74 28.63 27.96 27.66 26.42 25.62 24.92 24.92 24.14 23.22
8.16 8.21 7.67 7.98 8.63 8.42 9.11 10.01 10.62 10.25 10.54 11.34
0.01 0.01 0.01 0.01 0.01 0.04 0.04 0.04 0.04 0.04 0.02 0.02
3.65 3.50 3.58 3.38 3.40 3.90 4.10 4.00 4.09 4.46 4.97 5.09

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