CITI ON HCL TECH ; SELL | TP ₹1,050 | EARLIER TP ₹1,030

• Q2 was decent, but services guidance implies a slower H2. • EBIT margins surprised positively, while the software business disappointed. • Management remains confident of delivering services growth slightly above the guidance midpoint. • Sustainability of margins remains the key monitorable. • HCL Tech already trades at a 20–25% premium to peers TCS and Infosys.

HCL TECHNOLOGIES LTD

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