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KRChoksey Research Report
HCL Technologies Ltd.'s Q3 FY22 performance was higher than with our estimate. Dollar revenue was up 6.7% QoQ and in constant currency term grew by 7.6% YoY to $2,977 million(our estimate: $2,894 million).
Rupee revenue grew by 8.1% QoQ to Rs 2,23,310 million (our estimate: Rs 2,17,046 million). Reported operating margin expanded marginally by 10 basis points QoQ to 19.1% led by healthy growth in product and platforms business (up 24.5% QoQ constant currency).
HCL Tech's reported net profit grew by ~5.4% QoQ to Rs 34,421 million (our estimate: Rs 33,755 million) with margin of 15.4% (down 39 bps on QoQ basis) mainly due to reversal of a prior years' tax provision due to change in the method of calculating a tax deduction.
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