BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
HCL Technologies Ltd. delivered a Q2 FY22 revenue growth of 3.5% QoQ (constant currency), 40 basis points below our estimate.
While the decline in the products and platforms vertical (down 8% QoQ CC) due to a delay in deal closure was disappointing, services (IT, engineering research and development, 5.2% QoQ CC) came in better than expected.
Ebit margin fell 60 bps QoQ to 19% and was in line.
HCL Tech's management reiterated its guidance of double-digit U.S. dollar revenue growth and 19-21% Ebit margin for FY22, although it lowered its products and platforms growth to 0-1% (from low-single digits).
New deal total contract of $2.3 billion (up 38% YoY, 14 large deals) in Q2 FY22 was better than expected.
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