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Axis Securities Report
In Q4 FY23, HCL Technologies Ltd. reported revenue of Rs 26,606 crore, down 0.4% QoQ and below our expectations. The company's operating profit stood at Rs 4,836 crore, reporting a de-growth of 7.5% on a QoQ basis.
Missing our expectations, HCL Tech's operating margins, too, declined by 110 basis points to 14.6%, which was largely led by higher operating expenses and higher onsite expenses during the quarter. Its net profit for Q4 FY23 stood at Rs 3938 crore, registering a de-growth of 2.8% QoQ.
We believe HCL Tech is well-placed for encouraging growth from a long-term perspective given its multiple long-term contracts with the world's leading brands. Richer revenue visibility gives us confidence in its business growth moving forward.
However, rising concern over uncertainties from the large economies and supply-side constraints create challenges to the company's growth prospects moving ahead.
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