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Information Technology: HCL Technology (HCLT.BO, Buy)
• We believe HCL Tech’s core expertise in the RIM space will lead to RIM growth of 40% in FY11E. We expect RIM to grow by 8% sequentially
over the next 3 quarters
W b li th t f di ti di i k d li ti ld id t ti l id i k t f t
Goldman Sachs Global Investment Research 18
• We believe the return of discretionary spending in packaged application areas could provide potential upside risk to our forecasts
• We forecast FY10-FY13E revenue CAGR of 18% and earnings CAGR of 23%, which compares with the large cap Indian IT services EPS
CAGR of 17%
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