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IDBI Capital Report
HCL Technologies Ltd.'s Q4 FY21 revenue growth of 2.5% QoQ in constant currency was in-line with our forecast of up 2.9%.
However, Ebit margin of 16.6%, down 630 basis points QoQ (20.3% excluding-one time pay out to employees) was a big miss to our forecast of 19.2%.
As a result, earnings per share of Rs 8.8, down 40%/24% QoQ/YoY was also a big miss.
For FY22, the company has guided for a double-digit revenue growth in constant currency, in-line with our expectation.
However, Ebit margin guidance of 19% to 21% (versus 21.3% excluding-one time payout to employees for FY21) is lower than our expectation.
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