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HCL Tech Q2 Review – Healthy Pipeline Provides Hope On Growth Ahead: Prabhudas Lilladher

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Prabhudas Lilladher Report

HCL Technologies Ltd. reported big miss on revenue with growth of 2.6% QoQ U.S. dollar (our estimate: 4.5%, 4.4%) led by decline in products business (down 8.8% QoQ constant currency, ~12% of revenue) due to slippages in contract closures.

Q3 being seasonally strong quarter for products and platform, management expects some portion of contract deferments to close in Q3.

HCL Tech’s management has given guidance of 0-1% YoY constant currency for product business which translates average growth of 5% QoQ U.S. dollar in next two quarters to deliver growth of 0.2% YoY in products and platform.

IT services and engineering research and development reported strong growth after muted last quarter.

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