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 an exceptionally strong revenue growth of 7.6% QoQ constant currency in Q3 FY22, 310 basis points above our estimate, led by its troubled products and platforms (up 24.5% QoQ) vertical, which did exceptionally well despite benefitting from seasonality and deal spill over from Q2 FY22 (600 bps impact).
Its services verticals (IT services/engineering research and development up 4.7%/8.3% QoQ CC) continued to clock strong growth and was ahead of our estimate.
HCL Tech reported strong new deal total contract of $2.1 billion (flat QoQ, up 64% YoY).
EBIT margin at 19% (flat QoQ) missed our estimate by only 40 bps, but was impacted by large variance in the margin of IT services and produtcs and platforms.
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