Hcl Technologies

Growth acceleration to compensate for margin hit

Equity Bottom-Up
126 Views, 18 Jan 2022 17:03
EXECUTIVE SUMMARY

HCLT delivered an exceptionally strong revenue growth of 7.6% QoQ CC in 3QFY22, 310bp above our estimate, led by its troubled Products and Platforms (P&P, +24.5% QoQ) vertical, which did exceptionally well despite benefitting from seasonality and deal spill over from 2QFY22 (600bp impact). Its Services verticals (IT Services/ER&D up 4.7%/8.3% QoQ CC) continued to clock strong growth and was ahead of our estimate. HCLT reported strong new deal TCV of USD2.1b (flat QoQ, +64% YoY).

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Motilal Oswal
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Motilal Oswal Financial Services Limited
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Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial ... 

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