HCLTech’s Q4 results did not spring any major negative surprises. While a decline in engineering and research & development (ER&D) revenues disappointed, growth in BFSI and North America surprised positively. FY24 guidance of 6-8% for growth and 18-19% margins was in line with expectations. We cut our estimates by 2% on a higher tax rate […]
Infosys’ Q4FY23 results fell short of estimates due to a 3.2%q-o-q cc (constant currency) decline in revenues, mainly caused by unplanned project rampdowns in BFSI, Communications, and Hitech verticals in North America. These rampdowns affected utilisation, which ultimately reduced margins by 50bps q-o-q. Additionally, the large deal TCV at $2.1 bn was lower than expected, […]
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