HCL Tech Q1 preview: Revenue may dip QoQ; net profit could rise on currency depreciation

Brokerages expect HCLTech to report mixed Q1 results with sequential revenue weakness but year-on-year profit growth of around 18%, aided by rupee depreciation and cost efficiencies. Constant currency revenue is projected to decline 0.6% to 1.8% quarter-on-quarter, while EBIT margins are expected to improve 20-40 basis points sequentially to around 16.7-16.9%. Most brokerages expect HCLTech to maintain its FY27 revenue growth guidance of 1-4%, though Motilal Oswal sees a possible 100 basis point trim to the upper end.