Can you provide more insights into this? Any useful links or documents?
Not a biotech expert
HCL tech has taken a path less traveled by Indian IT majors, that is of acquiring product based IP to expand capabilities and drive revenue growth. This is clearly seen in superior revenue growth over the large cap peers over 5, 10 year periods (compared to Infy, tcs, wipro). HCL’s operating margins have expanded and are now inferior to only TCS and Infy, cash generation has also been consistent. All this and they have been trading at lower valuations compared to TCS and Infy over last 5 to 7 years. That made HCL a low risk bet for me, that’s why I have been able to size up in HCL. About your point on acquisition based growth, my personal thought process is once ROICs are over a given threshold (say 20-25%) it’s growth which drives value.