HCLTech Q1 Results Review - Steady Now, Strong Ahead: Motilal Oswal

Motilal Oswal Report

HCLTech Ltd. reported a decent performance in Q1 FY25. Revenue stood at $3.3 billion, down 1.6% QoQ in constant currency versus our estimate of a 1.8% decline. In USD terms, revenue reported growth of 5.1% YoY (5.6% YoY in CC), which was in-line with our estimates.

Ebitda witnessed QoQ de-growth of 3.9% but increased 7.4% YoY to Rs 59 billion (1.8% above our est. of Rs 58 billion). Ebit margins came in 30 basis points ahead of our estimate at 17.1%. Profit after tax grew 7% QoQ/20.5% YoY to Rs 43 billion (13% above our estimate of Rs 38 billion).

New deal total contract value stood at $1.9 billion (down 14.4% QoQ/up 25% YoY).

HCLTech maintained its FY25 revenue growth guidance at 3-5% YoY in CC (3-5% YoY in CC for services).

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