HCL Technologies announced 2QFY2015 numbers, ahead of expectations, mainly on the sales front. Company posted revenue of USD 1,491 million V/s USD 1,443 million expected, up 4.0% qoq. In Constant Currency (CC), terms the revenue grew by 6.2% qoq. In rupee terms, the revenue posted a growth of 6.3% qoq to Rs 92.83 billion V/s Rs 89.41 billion, expected.
 
On operating front, EBITDA margins came in almost flat at 25% V/s 25.1% expected a qoq dip of 10bps. The utilization levels, during the quarter came in at 82.9% V/s 82.7% in 1QFY2015, while attrition rate came in 6.7% in 2QFY2015 V/s 5.9% in 1QFY2015. Thus PAT came in at Rs. 19.15 billion V/s Rs. 19.12 billion, up 2.3% qoq.
 
''In terms, of client addition, the company added 1 client in the USD 50 million+, 2 in the USD 40 million+, 2 in the USD 20 million+ and 6 in the USD 10 million+. The major client addition happened in the USD 1-5 million bracket. Board recommends issue of Bonus shares in the ratio of 1:1. We maintain our buy rating on the stock with a price target of Rs 1,968,'' said Sarabjit Kour Nangra, VP research, IT, Angel Broking. 

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