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ICICI Securities Report
HCL Tech Ltd. has reported a beat on revenue growth as well as margins in Q2 FY23. It reported revenue growth of 3.8% QoQ constant currency (our estimate: 3%, consensus: 3%) and 1.9% QoQ in U.S. dollar terms.
Growth was led by IT services at 5.3% QoQ CC and engineering research and development at 5% QoQ CC. Products business declined 7.8% QoQ CC due to seasonal weakness.
Total contract value of new deal wins was healthy at $2,384 million (up 6% YoY, up 16% QoQ). Annual contract value is up 10.3% QoQ and up 23.5% YoY.
HCL Tech won a mega deal with ACV of $125 million over five years. The company's presence in products and platform business helped it gain access to this new client and win this mega deal.
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