HCL Tech Q1 Review - Revenues Impacted By Covid-19: ICICI Direct
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ICICI Direct Report
HCL Technologies Ltd. offers IT, engineering research and development and products to banking financial services and insurance, retail, health, telecommunication, manufacturing, media and hi-tech verticals.
The company reported weak Q1 FY22 results.
Revenues were impacted by Covid-19 (~$7 million impact or 0.3% of revenues), slippages in milestone, higher base in last quarter and scale down of an intellectual property partnership.
However, HCL Technologies expects to recoup the same in subsequent quarters led by ramp up of deals in Europe, absence of Covid-19 impact, improved growth in IT and business services and ER&D (the company believes it is seeing green shoots and will see growth from here on).
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