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We attended HCL Tech Ltd.’s investor day 2022 wherein the management reiterated its five strategic objectives that it laid out in May 2022.
Management maintained its positive stance on the IT services and engineering research and development verticals, and provided its outlook on HCL Software (products and platform) business.
Though longer term demand remains intact, the management narrowed its growth guidance to the lower end of 13.5-14.5% band due to weaker-than-expected macro, cuts in discretionary spends and higher furloughs.
It also aspires the Ebit margin to scale back to 19-20% in the near term. We continue to remain positive on the stock.
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