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BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

HCL Technologies Ltd. reported revenue growth of 7.6% in constant currency terms (our estimate: 4.0%) as products and platforms segment grew 24.5% QoQ while services business continued its traction with 5.3% QoQ growth.

Operating profit margin at 19.0% were below estimates (our estimate: 20.0%) largely on account of weak IT business margins at 16.6% due to multiple headwinds such as higher deal transition cost (40 basis points), wage hike (80 bps), seasonal leaves (65 bps) and supply side-related costs (85 bps). Retained operating guidance at 19%- 21% but with a lower end bias.

HCL Tech’s net new total contract value wins stood at $2.13 billion in Q3 implies potential for improved growth performance as trailing twelve months TCV is at $9.15 billion.

Headcount up 23% YoY suggest stronger investment on talent-side given growth visibility.

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