HCL: HCL valuation to gain on deal momentum, revenue growth

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Similar to peers, HCL Tech continued to hire a greater number of staff with 10,143 net additions sequentially on top of 11,135 additions in the previous quarter.

Synopsis

Revenue of the country’s third largest software exporter increased by 6.7% sequentially to $2,977 million in the December quarter, way ahead of an average 3.2% growth estimated by analysts. It was also a tad higher than the 6.3% growth reported by Infosys earlier during the week.

ET Intelligence Group: As anticipated, HCL Technologies posted a recovery in revenue and profit growth for the December quarter after a modest performance in the previous quarter.

But, the extent of recovery was more than what analysts had expected. This, along with a sustained deal momentum, stable margin trend and efforts to keep employee attrition under check, should support the company’s valuation on bourses in the medium term.

Revenue of

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