eClerx posted weak operating performance in Q1. Revenue fell 2% QoQ, hit by budget cuts, drop in project renewals and unanticipated project cancellations particularly among large clients in the digital and financial markets. OPM declined by 530bps QoQ. Management expects revenue to rebound in Q2 and log closer to Q4FY23 levels, further improving in H2.

eClerx Services has lost -29.62% in the last 6 Months

eClerx Services Ltd.

30 May 2023

1462.80

-2.19%

eClerx Services Limited

Hold: eClerx Services Ltd.

Recommendation Target

ICICI Direct

eClerx Services has lost -29.62% in the last 6 Months

eClerx Services Ltd.

29 May 2023, 12:00AM

1462.80

-2.19%

Steady Q4FY23; H1 to remain soft; valuations remain favourable

Buy: eClerx Services Ltd.

Bonanza

eClerx reported a steady performance in Q4. Revenue grew 0.6% QoQ (flat in cc terms) impacted by weak discretionary spends. Margin performance was healthy, with reported OPM expanding by 211bps QoQ. Slower decision-making, slow conversion of deal pipeline and delayed deal renewals on account of uncertain macro-environment would weigh on near-term growth.

eClerx Services has lost -37.51% in the last 3 Months

eClerx Services Ltd.

06 Feb 2023

1462.80

-2.19%

Revenue growth better-than-expected; undemanding valuations

Buy: eClerx Services Ltd.

Target

Bonanza

eClerx Services Q3 results were better-than expected on US$ revenue growth but profitability was lower-than-expected. Q3FY23 revenue stood at US$ 85.1mn (grew 3.2% QoQ as well as cc terms). Top-10 client growth declined 0.6% QoQ in dollar terms, led by lower onshore revenues. The management indicated that top-10 client softness was limited to onsite engagement and that offshore momentum is intact.

Number of FII/FPI investors increased from 264 to 281 in Dec 2025 qtr.

eClerx Services Ltd.

05 Jan 2023

1462.80

-2.19%

Quality business at attractive valuations

Buy: eClerx Services Ltd.

Bonanza

eClerx is a leading KPO player in the high opportunity services segments like business process management, automation and data analytics. The company has many Fortune 500 enterprises as clients, which provides decent revenue visibility over the medium-to-long term.

eClerx Services Ltd. is trading below all available SMAs

Is eClerx Services Ltd. worth buying?

148 Votes:

Buy 74.32%

Sell 15.54%

Hold 10.14%

RESEARCH REPORTS

Hold SEE REPORTS >

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Hold SEE REPORTS >

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