Page 8 of Investor

In fact, a double-whammy was dealt by introducing Section 194K which says that TDS is required to be deducted on…

FY20e EPS up 12% to factor in recovery from IBC account; valuations are attractive; ‘Buy’ retained

Cost to income continues to fall (-93 bps y-o-y, 33.9%) and was lower than JEFe 34.3% in Q3.

FY20/21/22 EPS up 4/5/1%; TP raised to `2,227; stock downgraded to ‘Neutral’

Beat on Ebitda despite a revenue miss; valuations are inexpensive given prospects; ‘Buy’ retained, TP at Rs 801.

Unlike for peers, asset quality has held up well; gradual recovery in RoEs is expected; ‘Buy’ maintained

HCL Tech raised the lower end of its growth guidance range for FY20e to 16.5% from 15% , but kept…

High capex and moderating revenue growth could crimp return ratios and compress the stretched valuation multiples. Retain Sell with unchanged…

Fundamental performance in Q3 was broadly in-line with 1% q-o-q revenue growth (CC), 20bps Ebit margin expansion and net-new deal…

Debt/liquid flows showed no signs of recovery in Dec, leading to continued funding constraints for NBFCs and HFCs