JPMORGAN ON HCL TECH ; UNDERWEIGHT | TP ₹1,080

• Slight cut at the midpoint of guidance indicates slowing growth. • EBIT margins face ~140 bps headwinds in H2 from wage hikes. • Margin guidance maintained at 17.5–18.5%. • Slower organic growth at the midpoint could call HCL Tech’s valuation premium into question.

HCL TECHNOLOGIES LTD

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