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 delivered a revenue growth of 1.1% QoQ in constant currency terms in Q4FY2021-22 (inline), aided by strong growth in services. Products and Platforms vertical dragged due to seasonality.
Good new deal TCV, organic growth of over 5% QoQ in I.T. services are likely to aid growth outperformance compared to largecap peers in Q1FY2022-23.
Motilal Oswal expects services segment to gain further from strong momentum in cloud migration and R&D outsourcing. However, the brokerage expects the company to struggle due to elevated supply-side issues and a higher investment requirement.
Motilal Oswal lowered its FY23 and FY24 EPS estimate by 7% each due to margin hit and lower growth guidance and maintained 'buy' with a target price at Rs 1,310 per share.
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