#HCL Tech: miss on margins, guidance maintained by the co
Disappointment was 100 bps fall in margins, surprise was co maintained its FY23 growth guidance of 12-14%, FY23 margins will be at the lower end of 18-20% guidance
Management says pipeline is at record high levels with many large deals. It is expecting a strong booking performance in 2Q
Valuations supportive at 15X FY24e PE