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HCL Technologies
HCL Technologies reported its 2QFY2011 results, almost in line with our expectation, and
outperformed its peers in terms of volume and revenue growth. USD revenue came in at US
$864.1mn (v/s our expectation of US $869.2mn), up 7.5% qoq, on the back of robust 6.7%
qoq volume growth in core software as well as 9.4% qoq USD revenue growth in
infrastructure services. Cross-currency movement further aided growth by 1.0% qoq. In INR
terms, revenue came in at `3,888.4cr (v/s our expectation of `3,898cr), up 4.9% qoq. EBIT
margin grew by 20bp to 13.1% (v/s or expectation of 13.2%). PAT stood tall at `399.7cr (v/s
our expectation of `385cr), up 20.7% qoq, on the back of stronger growth and lower forex
loss. The company came out as the outperformer in Tier-I IT pack in terms of volume growth
because of a strong deal pipeline spanning across higher value-chain services. The company
is one of our preferred picks in the IT sector. We remain positive on the stock and will be
revising our estimates post the conference call.
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