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Motilal Oswal Report
HCL Technologies Ltd. delivered a Q2 FY22 revenue growth of 3.5% QoQ (constant currency), 40 basis points below our estimate.
While the decline in the products and platforms vertical (down 8% QoQ CC) due to a delay in deal closure was disappointing, services (IT, engineering research and development, 5.2% QoQ CC) came in better than expected.
Ebit margin fell 60 bps QoQ to 19% and was in line.
HCL Tech's management reiterated its guidance of double-digit U.S. dollar revenue growth and 19-21% Ebit margin for FY22, although it lowered its products and platforms growth to 0-1% (from low-single digits).
New deal total contract value of $2.3 billion (up 38% YoY, 14 large deals) in Q2 FY22 was better than expected.
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