Unlike peers, HCL Technologies sure-footed

Firm maintained revenue guidance; analysts expect top line to be driven by organic and acquisition-led initiatives

HCL Technologies’ September quarter results were mixed — the growth in top line was below analysts' estimates, but the operating margin performance was in line with expectations. However, the management’s commentary was positive and could buoy the sentiment.

The stock, which dipped nearly four per cent intra-day, erased the losses towards close, ending just 0.7 per cent lower.

Revenues grew 2.3 per cent sequentially at Rs 12,434 crore, below the three-per-cent-level pegged by analysts. The constant currency growth at 0.9 per cent, too, was lower than that of its peers. The growth was driven by its manufacturing and hi-tech vertical (35 per