Xiaomi Pad 6 buying guide: 10 things to know before you spend Rs 26,9991/10 Xiaomi Pad 6 has officially arrived in India. With its premium all-metal design and high-end feature set, Xiaomi is looking to undercut OnePlus. Its real kicker though is the tablet’s affordable price. The Pad 6 starts at just Rs 26,999 even as the OnePlus Pad can go up to Rs 40,000. 2/10 The Pad 6 has a body made of metal. It weighs 490g and measures 6.51mm. It has an 11-inch 2.8K resolution LCD display with a 7-stage 144Hz refresh rate (30/48/50/60/90/120/144Hz) and up to 550nits of peak brightness. The panel supports Dolby Vision. Xiaomi Pad 6 has the Qualcomm Snapdragon 870 inside. It is powered by an 8,840mAh battery and supports 33W fast charging. You get a 13MP camera on the rear and 8MP camera on the front. The tablet runs MIUI 14 for Pad with Android 13. Xiaomi will sell a custom keyboard and stylus accessories for the Pad 6. While the keyboard will cost Rs 4,999, the second-generation Xiaomi Smart Pen will be available for Rs 5,999. You can also get a separate case (without keyboard) at a price of Rs 1,499. Xiaomi Pad 6 with 6GB RAM and 128GB storage price is set at Rs 26,999. A model with 8GB RAM and 256GB storage will set buyers back by Rs 28,999.
Services miss estimates; Software better than expected: Services business grew 0.6% q-o-q cc and missed HCLT’s Q3FY23 guidance, mainly due to a 3.8% q-o-q cc decline in the ER&D segment. Growth in the IT&BS segment moderated slightly to 1.6% q-o-qcc but was in line with estimates. BFSI and Life Sciences were the key growth drivers, while communications were the drag among verticals. Growth was led by the Americas region, while Europe and ROW posted declines.
Decline in bookings reflects delays in decision-making: HCLT won 10 large deals in services and three large deals in Software with net-new deal TCV of $2.1bn, down 8% y-o-y. Deal wins were driven by the services portfolio, were centered on cost optimisation and vendor consolidation and came mainly from BFSI, manufacturing and Life Sciences verticals. Management highlighted a ramp-down in discretionary spending in Hitech and communications verticals but pointed to a strong deal pipeline.
FY24 guidance in line with expectations: HCLT has guided for 6-8% y-o-y growth for overall business and 6.5-8.5% y-o-y cc growth in services segment and 18-19% margins in FY24—all in line with our assumptions. We maintain our FY24-25 cc revenue growth and margin estimates and expect HCLT to deliver 6.5% cc revenue growth and 18.4% margins in FY24. However, we lower our earnings forecasts by 2% to factor the higher tax rate indicated by the management.
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Raise PT: HCLT has fared better in Q4, particularly in North America and BFSI, unlike its peers. However, rising demand uncertainty as a US recession nears remains a concern. HCLT’s stock at CMP trades at 17x PE and offers a 5% yield, which in our view should limit downsides and derating. Hence, we raise our target PE to 17x (16x earlier) and raise our PT to Rs 1,125, offering 8% potential upside.