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Dolat Capital Report
HCL Technologies Ltd. reported weak results with revenue growth of 2.5% in constant currency terms (our estimate 3.3%) and operating profit margin at 16.6% (our estimate 19.8%).
Results performance was affected by weak revenues, impairment impact of $16 million in products and platforms segment.
Guided strong revenue growth for FY22 with base growth of double-digit, which along with strong total contract data (net new TCV at $7.3 billion in FY21 – up 18% growth) implies a potential for much wider growth print for the year.
Operating profit margin guidance stood at 19%-21% is a bit disappointing.
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