HCLTech Q3 Results: Net Profit Rises 6 Per Cent To Rs 4,350 Crore
HCL cut its revenue forecast to 5 per cent-5.5 per cent from 5 per cent-6 per cent for the current fiscal
Indian IT company HCLTech reported a 6.2 per cent increase in consolidated net profit at Rs 4,350 crore, highest ever on a quarterly basis, in the third quarter (Q3) ended December 31. Sequentially, the net profit increased by 13.51 per cent. The company had posted a net profit of Rs 4,096 crore in the same period a year ago, HCL Tech said in a regulatory filing. HCL clocked a 9.92 per cent YoY growth in net profit in the Q2 of 2023-24.
The consolidated revenue of HCLTech grew 6.5 per cent to Rs 28,446 crore during the reported quarter, from Rs 26,700 crore in the December 2022 quarter. The services revenue of HCL Tech crossed Rs 1 lakh crore on run rate basis during the quarter under review.
The company's board of directors declared an interim dividend of Rs 12 per equity share for the financial year 2023-24.
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The tech major cut its revenue forecast to 5 per cent-5.5 per cent from 5 per cent-6 per cent for the current fiscal as clients continued to hold back discretionary spending and preferred cost-oriented deals over growth-oriented ones.
The company also retained earlier full-year margin guidance of 18-19 per cent for FY24. Operating margin came in at 19.8 per cent, beating company guidance range.
Its performance was helped by its deal with US telecom company Verizon and strength in its products and platforms business. The company has projected financial 2024 revenue growth guidance in the range of 5 to 5.5 per cent on a year-on-year basis.
Meanwhile, the employee count at the company rose by 1.11 per cent to 2,24,756, with addition of 3,818 freshers, during the reported quarter from 2,22,270 in December 2022 quarter.
Shares of HCLTech closed at Rs 1,543.00 apiece, up 3.85 per cent, on the BSE on Friday.
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