HCLTech Q2 Results: Net Profit Rises 9.92 Per Cent At Rs 3,833 Crore; Revenue Jumps 8 Per Cent

HCLTech's attrition for the quarter stood at 14.2 per cent, down from 23.8 per cent in Q2FY23

HCL declared an interim dividend of Rs 12 per share for the quarter.

Source : Getty

Indian IT services firm HCLTech on Thursday clocked a 9.92 per cent year-on-year (YoY) growth in net profit in the second quarter (Q2) of 2023-24 that ended on September 30. HCL’s Net profit for Q2FY24 stood at Rs 3,883 crore. In the same period a year ago, it was Rs 3,487 crore.

Sequentially, HCL’s net profit was up 8.55 per cent driven by a robust deal pipeline reported this quarter. As compared to the previous quarter, the IT company’s net profit was up by 8.7 per cent. The consolidated revenue for the quarter grew 8.04 per cent YoY at Rs 26,672 crore, as compared to Rs 26,296 crore in Q2FY23. In constant currency terms, the revenue was up 3.4 per cent YoY.

The company also declared an interim dividend of Rs 12 per share for the quarter.

Attrition for the quarter stood at 14.2 per cent, down from 23.8 per cent in Q2FY23.

"Our revenue growth of 1.0 per cent QoQ and 3.4 per cent year-on-year (YoY) on a constant currency basis, with a 154 bps QoQ improvement in operating margin and improving cashflows, reflect our ability to execute well in an evolving business environment and our commitment to operational efficiency. Our new bookings of $4 billion this quarter is at an all-time high, driven by a standout mega deal. This achievement underscores our ability to seize exceptional opportunities in the market and gives us optimism for our medium-term growth prospects", said C Vijayakumar, CEO and MD of HCLTechnologies.

"There's no business impact in Israel. We have about 100 employees there," Vijayakumar added amid Hamas strikes.

Ramachandran Sundararajan, chief people officer at HCLTech, said, "We will be going with pay revision from October onwards. Mid- and senior management won’t take pay hikes in FY24. About 90 per cent of the workforce will be eligible for pay hike revision." A total of 10,000 freshers will be hired from from campuses in FY24, he added.

Shares of HCLTech on Thursday closed 1.74 per cent lower at Rs 1,224.05 apiece on the BSE.