8/12/2019 HDFC Q4FY13 Preview
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Retail Research 3
EPS (Rs.) 7.0 6.0
EBIT margins are expected to remain stable or improve
marginally, as utilisation levels are expected to improve. The USD
IT revenue growth guidance for Q1FY14 is expected to be in the
range of 1.5-3% Q-o-Q on the back of
anticipated ramp ups in deals closed. Management commentary on
demand environment, deal pipeline & budget trends would be
given importance. The
expectations are lowest in Wipro and hence positive surprise is
possible.
HCLTech Q2JY13 Q3JY12
Net Sales 62738 52156 USD Revenues are likely to grow by 3-3.5%
Q-o-Q, which would be driven by growth in Infra management business
andramp up of large deals signed during the quarter. Some impact on
revenues is likely due to cross currency headwinds.
Margins are likely to decline on the back of higher investments
in SG&A. Utilisation levels are expected to remain flat. Lower
operating margins could put pressure on PAT. Deal pipeline, outlook
on IT service revenues and margin trends and outlook on
discretionery spending would be keenly
watched in the management commentary.
Operating Profit 14166 9591
PAT (Adjusted) 9647 6026
EPS (Rs.) 13.9 8.7
Analyst: Mehernosh Panthaki - FMCG, IT & Midcaps Email
ID:[email protected]
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