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Motilal Oswal Report
HCLTech Ltd. reported a muscular Q2 FY25, with revenue of $3.4 billion, up 1.6% QoQ (~2.5% organic) and 6.2% YoY in constant currency, above our estimate of flat revenue growth. Ebit margins came in at 18.6%, beating our estimate of 17.4%. New deal total contract value stood at $2.2 billion (up 13% QoQ) in Q2 FY25.
For FY25, HCLTech revised the lower end of its growth guidance to 3.5%-5% YoY in CC from 3%-5% earlier. For H1 FY25, revenue/Ebit/PAT grew 7.5%/8.1%/15.3% compared to H1 FY24.
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