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  • HCL Technologies tumbles as Q3 margins disappoint

    HCL Technologies slumped 5.35% to Rs 1265.95 after the company's Q3 earnings disappointed on the margins front.



    The IT major reported 5.4% rise in consolidated net profit to Rs 3,442 crore and revenue increased by 8.1% to Rs 22,331 crore in Q3 FY22 over Q2 FY22.



    As compared with Q3 last year, net profit fell 13.6% but topline rose 15.7% in the last quarter.

    In dollar terms, the company's net profit was $458 million (up 3.8% QoQ) and its revenue was $2,977 million (up 6.7% QoQ) in Q3 FY22.

    Total Contract Value (TCV) of new deal wins in Q3 FY22 was at $2,135 million, up 64% YoY.

    In constant currency terms (cc), the company's revenue growth was 7.6% QoQ, highest in the last 12 years.

    The company's Products & Platforms segment led the growth with 24.5% QoQ cc, followed by Engineering and R&D Services (ER&D) with 8.3% QoQ cc and IT and Business Services with 4.7% QoQ cc.

    Hiring continued at a brisk pace with net addition of 10,143 during the quarter. Total headcount was at 197,777. Attrition (on the last 12-month basis) was at 19.8% in Q3 FY22 as against 10.2% in Q3 FY21 and 15.7% in Q2 FY22.

    Gross Cash stands at US$ 2,666 mn and Net Cash at US$ 2,140 mn at the end of 31 December 2021.

    HCL Tech expects revenue to grow in double digits in constant currency, while EBIT margin is projected to be between 19% and 21% for FY22.

    HCL Tech expects revenue to grow in double digits in constant currency, while EBIT margin is projected to be between 19% and 21% for FY22.

    However, the company reported flattish earnings before interest and tax (EBIT) margins of 19% at the company level while margins for services (IT services and ER&D) were down 190 bps QoQ due to 80 bps impact of salary hike, -65 bps due to loss of days due to furlough, -85 bps on retention and bonus related, -40bps new customer investment, which was mitigated by +60 bps operating efficiencies and +20 bps currency tailwind, a domestic brokerage has reportedly said in a result update.

    “margins are expected to be under pressure for a few more quarters. We expect approximately 140 bps EBIT margin decline over FY21-24E,” the brokerage firm reportedly added.



    HCL offers its services and products through three business units: IT and Business Services (ITBS), Engineering and R&D Services (ERS) and Products & Platforms (P&P).

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Flash News 17-May-2022
  •  ( 17:05) Dr. Lal PathLabs consol. Q4 FY22 PAT tumble 26.5% YoY to Rs 61.3 cr  
  •  ( 16:31) Bharti Airtel Q4 PAT jumps 164% YoY to Rs 2007 cr  
  •  ( 16:15) Sensex spurts 1345 pts, Nifty ends above 16,250 mark  
  •  ( 15:43) Abbott India Q4 FY22 PAT surges 38.66% YoY to Rs 211.41 cr  
  •  ( 15:12) Kajaria Ceramics consol. Q4 FY22 PAT drop 25% YoY to Rs 96 cr  
  •  ( 15:04) Ultratech Cement commissions 2nd clinker line at Chhattisgarh-based unit  
  •  ( 14:53) Market at day's high; Media stocks rise for third consecutive day  
  •  ( 14:52) Bajaj Electricals Q4 FY22 PAT down 28% YoY to Rs 39 crore  
  •  ( 13:35) Sensex spurts 1004 pts, Nifty above 16,150 level  
  •  ( 13:26) Indoco Remedies Q4 PAT up 62% YoY to Rs 40.4 crore  
  •  ( 12:53) India's WPI inflation rises to 15.08% in April  
  •  ( 12:27) FMCG stocks in demand  
  •  ( 12:27) Benchmarks at the day's high  
  •  ( 11:43) Sensex, Nifty at day's high; IT index snaps five days losing streak  
  •  ( 11:38) Tata Power inks MoU with Hyundai Motor India for EV charging network  
  •  ( 11:22) Dodla Dairy records PAT of Rs 40.5 crore in Q4 FY22   
  •  ( 10:44) Sensex, Nifty edge higher; metal shares rise for 2nd day  
  •  ( 10:44) MCX consol. Q4 FY22 PAT declined 5% YoY to Rs 36.53 cr  
  •  ( 10:15) LIC lists at Rs 867.20 vs IPO price of Rs 949  
  •  ( 09:58) GSK Pharma records PAT of Rs 1,219 crore in Q4 FY22  
  •  ( 09:44) Indices clock modest gains in early trade; Nifty trades above 15,950  
  •  ( 09:36) VIP Industries consol. Q4 FY22 PAT surged 427.8% to Rs 12.39 cr  
  •  ( 09:36) VIP Inds spurts after turnaround Q4 earnings  
  •  ( 08:05) Asian stocks rise across the board  
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17 May 2022 00:00
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