HCLTECH'S Q3 results were ahead of estimates led by higher-thanexpected revenue growth in software business. Services segment witnessed growth moderation due to impact of furloughs. Deal bookings remained steady, however net hiring moderated and implied guidance for Q4 is soft. While we raise our estimates by 2-3% to factor the beat, we see limited upside amidst rising demand uncertainty. Maintain Hold with revised PT of ₹1,050.
Results ahead of estimates: HCLTech's Q3FY23 revenues at US$3.2bn, up 5% q-o-qin CC terms, Ebit margins of 19.6%, up 170bps q-o-q and net profit of ₹41bn, up 19% y-o-y, were all ahead of estimates. The beat was mainly due to higher-than-expected growth in the software segment.
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