Outlook and Valuation: We forecast HCL to report healthy top-line CAGR of ~13%
to `954cr over FY2019-22E on the back of government initiatives, new product
launches, strong brand name and wide distribution network. On the bottom-line
front (reported PAT), we estimate ~24% CAGR to `102cr due to strong revenue and
operating margin improvement (on the back of correction in raw material prices).
Thus, we maintain BUY on the stock with a revised Target Price of `5,232.

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