HCL Tech: Product Driven Q3 Beat Should Ease Viability Concerns, Says Motilal Oswal
The HCL Technologies Ltd. Jigani campus stands deserted in Bengaluru, India. (Photographer: Samyukta Lakshmi/Bloomberg)

HCL Tech: Product Driven Q3 Beat Should Ease Viability Concerns, Says Motilal Oswal

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 strong revenue growth (3.5% QoQ constant currency terms) in Q3 FY21, above our expectation and its guidance, led by stronger than expected seasonality in the products and platforms vertical (P&P, up 8.3% QoQ in CC) and continued traction in mode two services (up 10.9% QoQ in CC).

We expect the company to return to mid-teens growth in FY22 (14% YoY in CC U.S. dollar) as continued strength in P&P – due to improving deal wins and new client additions – complements improving demand environment in IT Services and research and development verticals.

Click on the attachment to read the full report:

Motilal Oswal HCL Tech Q3FY21 Result Update.pdf


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