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Reliance Securities Report
HCL Tech Ltd.’s revenue came in at $3,082 million in Q2 FY23 (up 2% QoQ and up 10% YoY), 0.7% above our expectation of $3,060 million.
The sequential constant currency growth stood at 3.8%, versus our expectation of 2.8%. Ebit margin stood at 17.9% (up 92 basis points QoQ/down 116 bps YoY), 65 bps above our expectation of 17.3%.
HCL Tech’s net profit stood at Rs 34.9 billion (up 6% QoQ/ up 7% YoY), 3.3% above our estimate of Rs 34.9 billion. New deal total contract value stood at $2,384 million (up 16% YoY and up 6% QoQ).
Services revenue (IT and engineering) was up 5.3%, while revenue from products and platform business declined by 7.8% QoQ CC in Q2 FY23.
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