Gold Silver Reports (GSR) – HCL Tech stock Meets Estimates In Q4; Sees Revenue Growth Of 9.5-11.5% In FY19 – The country’s third largest IT outsourcing firm reported March quarter earnings which came mostly in-line.
Key earnings highlights:
📌 Revenue up 2.9 percent at Rs 13,179 crore versus Rs 12,808 crore (QoQ); Bloomberg estimate of Rs 13,201 crore
📌 Net profit up 1.5 percent at Rs 2,227 crore versus Rs 2,194 crore (QoQ); Bloomberg estimate of Rs 2,249 crore
📌 Consolidated EBIT up 2.9 percent at Rs 2,583 crore versus Rs 2,510 crore (QoQ); Bloomberg estimate of Rs 2,610 crore
📌 Revenue in constant currency; up 1.2 percent (QoQ)
📌 Dollar revenue at $2,038 million versus $1,988 million; up 2.5 percent (QoQ)
📌 FY19 revenues are expected to grow between 9.5 to 11.5 percent in constant currency terms
📌 FY19 expected operating margin (EBIT) range is from 19.5 percent to 20.5 percent.
Money Market : Shorter Maturity Bonds Set To Rally; Rupee Seen Opening At 66.84 – India’s shorter-maturity bonds are set to rally today after authorities scrapped a rule that prevented foreigners from investing in debt of less than three years residual maturity.
Overseas investors will also be allowed to hold up to 30 percent of the outstanding of any single government security versus 20 percent earlier.
Later in the day, RBI will auction Rs 7,000 crore of 91-day treasury bills and Rs 4,000 crore each of 182- and 364-day T-bills.
Implied opening from forwards suggest onshore spot rupee may start trading around 66.84.
