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Axis Securities Report
HCL Technologies Ltd. Q2 FY22 numbers stood slightly below our expectations.
The company reported revenues of Rs 20,655 crore, up 2.9% QoQ and 11.3% YoY.
While operating profits stood at Rs 4,838 crore, registering a de-growth by 1.4% QoQ, operating margin, too, contracted by 110 basis points QoQ to 23.4%.
This was mainly on account of wage hikes undertaken during the quarter. Net profit for Q2 FY22 stood at Rs 3,265 crore, up 1.6% QoQ.
HCL Tech's deal wins continued to remain strong, showcasing a growth of 38% YoY and comprised 14 transformational deals as well.
Total total contract value for the quarter stood at $2.25 billion.
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