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ICICI Securities Report
In a seasonally strong quarter, HCL Technologies Ltd. disappointed with a muted 0.7% QoQ (constant currency) growth – versus June quarter average growth of ~4% over the previous decade (excluding June 2020).
Near stagnancy (QoQ) in core IT services was more discouraging.
This was a miss even on our very low expectations of pre-Covid-19 average growth for HCL Technologies / sector – versus consensus’ expectations of growth acceleration post Covid.
Barring a few, most segments remained tepid. It is worth noting this is the second consecutive quarter of weak performance.
Ebitda margin was 170 basis points lower than street expectations.
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