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IDBI Capital Report
HCL Technologies Ltd. reported healthy set of Q3 FY23 numbers mainly led by strong growth in product revenues (up 30.5% QoQ).
However, despite robust revenue growth the company has reiterated its guidance of 13.5% -14.0% in FY23E indicating de-growth in Q4 mainly led by lower product revenues and macro challenges.
We believe challenges in Europe, lower discretionary spend, cyclicity in engineering research and development and soft product revenues will impact near term revenue growth.
Although, HCL Tech will be able to benefit from vendor consolidation and improving margins, we believe macro challenges will keep financials under check.
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