HCL Tech expects revenue to grow between 12-14 per cent in constant currency for fiscal 2023
Brokerages expect the firm's earnings before interest and tax (EBIT) margins to have fallen sequentially by up to 90 basis points on supply side pressures and subdued P&P performance.
Analysts believe top-line growth will be driven by broad-based demand
IT company HCL Technologies has extended its relationship with The Royal Automobile Club of Victoria (RACV) with a multi-year agreement to provide Integration-as-a-Service offering. The company did not divulge the size of the contract. As a motoring club, RACV is a member-driven organisation that provides a range of products and services in motoring and mobility, home, leisure, financial services and general insurance. HCL has helped ramp RACV's digital platform by enabling a backbone that promotes self-service, an increased digital footprint and a seamless experience for 2.1 million RACV members across Victoria. The 'Integration-as-a-Service' platform bundles various accelerators around code automation and monitoring, which contributes toward a more stable IT environment and notably improves the performance and resilience of RACV's member-facing services. "As part of the renewed relationship, HCL's API-led (application programming interface) architecture will reduce complexity wi
Infosys continues to defend the support from past four months; TCS shares have three supportive technical parameters that attract buying and accumulation.
Analysts, however, expect markets to recover from here on as they have reached their key support zones.
Case against HCL Tech was filed with NCLT in 2019 by Sahaj Bharti Travels, which claimed HCL Tech had continued to default on its payment under minimum guarantee clause of the agreement
Is also paying higher increments and retention packages, expanding to tier 2&3 cities and other geographies
In the intra-day trade, the indices hit a low of 60,662 and 18,086, respectively
What works in favour are strong revenue growth, deal wins and attractive valuations
In the broader market, the BSE MidCap and SmallCap indices outperformed the benchmarks and ended up to 0.6 per cent higher.
EBIT margins for services (IT services+ ER&D) were down 190 bps on a QoQ basis.
The strategic acquisition will bolster HCL's capability in digital engineering driven by data engineering and increase its presence in Central and Eastern Europe.
On constant currency basis, revenue was up 7.6% sequentially, one of the best quarters in the last 12 years, said the IT firm
HCL Technologies Chief Human Resources Officer Apparao V V said the company has already added 17,500 freshers as of January 10
However, revenue rose 16% to Rs 22,331 crore in Q3FY22
TCS, Infosys, L&T, Tech M, and HDFC Bank were the top gainers on the Sensex today.
The median forecast of seven brokerages pegs growth in HCL Tech's Q3 consolidated net profit at 3.4 per cent on a quarter-on-quarter (QoQ) basis, at around Rs 3,350-3,400 crore.
In December, HCL Technologies had announced that it will acquire 51 per cent stake in GBS