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IDBI Capital Report
HCL Tech Ltd. reported healthy set of Q2 FY23 numbers mainly led by strong growth in IT services (up 5.3% QoQ and 18.9% YoY).
The company is seeing healthy improvement in realisation (up 100 basis points in Q2) and consistent order pipeline (of $ 2.4 billion). Hence, HCL Tech has increased its guidance from 12-14% to 13.5%–14.5%.
Further, HCL Tech is seeing multiple levers in terms of higher realisation, utilisation and easing of supply side challenges . As a result we have revised our Ebit estimates upwards (within guided range of 18-19%) leading to earnings per share upgrade of 3.0% in FY24E.
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