HCL Technologies Beats Revenue Estimates; ICICI Securities Maintains 'Hold' Rating

• HCL Technologies reported a revenue beat with 4.2% QoQ CC growth, surpassing I-Sec and consensus estimates.
• Growth was driven by strong performance in software products, ER&D, and IT services, despite seasonal furloughs.
• The company secured strong deal TCV of USD 3bn, up 17% QoQ and 43.5% YoY, with its highest-ever ACV component.
• TTM TCV growth of 21% YoY positions HCLT for potentially the highest growth among large-cap peers in FY27.
• Management notes a shift from traditional discretionary spending to new opportunities in AI infrastructure and engineering services.

Why It Matters: HCL Technologies exceeded revenue expectations, driven by strong deal wins and software products, with a 'Hold' rating.