Whalesbook
Toh bhai, ye jo profit mein kami hui hai na, uska reason kaafi clear hai. Company ne bola ki kuch exceptional costs the, jaise ki labour code changes ke liye ₹100 crore ka charge. Uske upar se employee costs aur outsourcing expenses bhi badh gaye. Is wajah se, EBIT margin gir kar 16.5% pe aa gaya, jo pichle quarter se 10.6% kam tha. Aur poore saal FY26 ki baat karein toh PAT 4.3% gir gaya, revenue 11.2% badhne ke baad bhi. Isliye toh bolte hain ki sirf revenue growth nahi, profit dekho!
Market mein abhi IT sector mein bhi thodi dheemi raftaar dikh rahi hai. Clients apna kharcha soch samajh kar kar rahe hain. HCL Tech ka P/E ratio abhi 21.7x se 23.8x ke aas paas hai. Ye Infosys (jo 18.5x ke aas paas hai) se zyada hai aur TCS (jo 30.3x ke aas paas rehta hai) se kam. Par margin pressure se valuation pe sawaal uth rahe hain.
Sabse bada jhatka toh FY27 ke liye future outlook mein mila hai. Company ne revenue growth ka target cut karke sirf 1% se 4% kar diya hai constant currency mein. Pehle expectations alag thi. Management keh raha hai ki clients ka spending kam hai aur kuch specific projects mein challenges aa rahi hain. Aur haan, AI ka bhi asar hai – company ne bola ki AI ki wajah se productivity badhne se revenue 2-3% tak kam ho sakta hai. Haalanki, AI services se revenue $620 million ke annualized run-rate se upar jaa raha hai, toh ye ek positive hai par overshadowed hai.
FY26 ke liye total contract value (TCV) bhi $9.6 billion raha hai, jise growth goals ke hisaab se dekhna padega. Company ne interim dividend ₹24 per share announce kiya hai FY27 ke liye, jo thoda support dega.
Analysts abhi divided hain. Kuch log keh rahe hain ki valuation theek hai aur AI se fayda hoga toh 'Buy' rating de rahe hain. Par bahut se log FY27 guidance cut aur margin issues ko dekh kar price targets kam kar rahe hain. Ab dekhte hain ki HCL Tech demand, costs, aur AI opportunities ko kaise manage karta hai future mein.