External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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Equity Bottom-Up

<ul><li>HCLT has reported a beat vs our and consensus estimates on both revenue and margin fronts in Q2FY25.</li><li>Discretionary spends picked up in BFSI and technology services.</li><li>Management commentary was upbeat on near-term demand with a qualification that macro and geopolitical uncertainties could still impact discretionary spends negatively.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HCLT has reported a beat vs our and consensus estimates on both revenue and margin fronts in Q2FY25.Discretionary spends picked up in BFSI and technology services.Management commentary was upbeat on near-term demand with a qualification that macro and geopolitical uncertainties could still impact discretionary spends negatively.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HCL Technologies - Upbeat on Near-Term Demand, Cautious on Long Term

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>HCLT reported overall strong results in Q2 with revenue, EBIT &amp; PAT coming ahead of our &amp; consensus estimates.</li><li>Revenue came at US$3.44 bn, up 1.6% QoQ CC (PLe 1.1% QoQ CC &amp; consensus est. 0.6% QoQ CC).</li><li>IT Services, ER&amp;D &amp; Software business grew by 1.8%, 1.1% &amp; 1.4% QoQ CC respectively. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HCLT reported overall strong results in Q2 with revenue, EBIT &amp; PAT coming ahead of our &amp; consensus estimates.Revenue came at US$3.44 bn, up 1.6% QoQ CC (PLe 1.1% QoQ CC &amp; consensus est. 0.6% QoQ CC).IT Services, ER&amp;D &amp; Software business grew by 1.8%, 1.1% &amp; 1.4% QoQ CC respectively. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HCL Technologies - Strong Performance, but Painted Blurry Outlook

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>HCL Tech reported revenue of $3,445 million, up 1.6% q-o-q/6.2 % y-o-y in CC terms, beating our estimates of 0.6% q-o-q growth in CC.</li><li>EBIT margin expanded by 150 bps q-o-q to 18.6%, beating estimates of 17.9%, aided by strong operational execution.</li><li>New deal wins TCVs stood at $ 2,218 million, up 13% q-o-q/down 44%, in line with expectations.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HCL Tech reported revenue of $3,445 million, up 1.6% q-o-q/6.2 % y-o-y in CC terms, beating our estimates of 0.6% q-o-q growth in CC.EBIT margin expanded by 150 bps q-o-q to 18.6%, beating estimates of 17.9%, aided by strong operational execution.New deal wins TCVs stood at $ 2,218 million, up 13% q-o-q/down 44%, in line with expectations.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HCL Technologies Ltd - Strong Q2, Maintain Buy

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

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

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>HCL Technologies (HCLT) reported a muscular 2QFY25, with revenue of USD3.4b, up 1.6% QoQ (~2.5% organic) and 6.2% YoY in constant currency (CC), above our estimate of flat revenue growth.</li><li>EBIT margins came in at 18.6%, beating our estimate of 17.4%.</li><li>New deal TCV stood at USD 2.2b (up 13% QoQ) in 2QFY25. For FY25, HCLT revised the lower end of its growth guidance to 3.5%-5% YoY in CC from 3%-5% earlier.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HCL Technologies (HCLT) reported a muscular 2QFY25, with revenue of USD3.4b, up 1.6% QoQ (~2.5% organic) and 6.2% YoY in constant currency (CC), above our estimate of flat revenue growth.EBIT margins came in at 18.6%, beating our estimate of 17.4%.New deal TCV stood at USD 2.2b (up 13% QoQ) in 2QFY25. For FY25, HCLT revised the lower end of its growth guidance to 3.5%-5% YoY in CC from 3%-5% earlier.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HCL Technologies - Leading the Bounce-Back

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>HCL Technologies (HCLT) posted a revenue/margin beat in Q2, driven by higher license revenue, strong BFSI performance (ex-State Street divestment) and recovery in ER&amp;D services</li><li>The revenue guidance lower band was raised and the margin band was maintained</li><li>Increase earnings estimate by ~3% to factor in broad-based growth improvement and concurrent margin enhancement</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HCL Technologies (HCLT) posted a revenue/margin beat in Q2, driven by higher license revenue, strong BFSI performance (ex-State Street divestment) and recovery in ER&amp;D servicesThe revenue guidance lower band was raised and the margin band was maintainedIncrease earnings estimate by ~3% to factor in broad-based growth improvement and concurrent margin enhancementContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HCL Technologies (Q2FY25): Good Show. Maintain ADD

India

HCL Technologies Limited provides software development and related engineering services.  The Group's technologies utilize a variety of technologies, including Internet and e-commerce, networking, internet telephony, embedded software, ASIC/VLSI design and testing, satellite and wireless communications, and component based object technologies, including COM, DCOM and COBRA.

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HCL Technologies (HCLT IN)

HCL Technologies - Upbeat on Near-Term Demand, Cautious on Long Term

HCLT has reported a beat vs our and consensus estimates on both revenue and margin fronts in Q2FY25. Discretionary spends picked up in BFSI and...

ICICI Securities Limited

HCL Technologies - Strong Performance, but Painted Blurry Outlook

Revenue came at US$3.44 bn, up 1.6% QoQ CC (PLe 1.1% QoQ CC & consensus est. 0.6% QoQ CC). IT Services, ER&D & Software business grew by 1.8%, 1.1%...

Prabhudas Lilladhar

HCL Technologies Ltd - Strong Q2, Maintain Buy

HCL Tech reported revenue of $3,445 million, up 1.6% q-o-q/6.2 % y-o-y in CC terms, beating our estimates of 0.6% q-o-q growth in CC.

Sharekhan

HCL Technologies - Leading the Bounce-Back

HCL Technologies (HCLT) reported a muscular 2QFY25, with revenue of USD3.4b, up 1.6% QoQ (~2.5% organic) and 6.2% YoY in constant currency (CC),...

Motilal Oswal

HCL Technologies (Q2FY25): Good Show. Maintain ADD

HCL Technologies (HCLT) posted a revenue/margin beat in Q2, driven by higher license revenue, strong BFSI performance (ex-State Street divestment)...

HDFC Securities

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