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HCL Tech Q3 net profit rises 13% to ₹2,944 cr

IT major HCL Technologies on Friday posted a 13 per cent rise in its consolidated net profit at ₹2,944 crore for the December 2019 quarter.

The company had registered a net profit of ₹2,605 crore in the year-ago period as per Indian Accounting Standards, HCL Technologies said in a statement.

Its revenue from operations grew 15.5 per cent to ₹18,135 crore in the quarter, from ₹15,699 crore in the year-ago period.

The company has revised its revenue growth outlook to 16.5 -17 per cent for 2019-20 from its previous forecast of 15-17 per cent topline growth in constant currency terms.

HCL Technologies’ board has declared a dividend of Rs 2 per share.

We continue our stellar performance over the years and have now crossed a revenue run rate of $10 billion this quarter. Our revenues have grown 16.4 per cent year-on-year in constant currency and we have delivered a strong 20.2 per cent earnings before interest and taxes (EBIT),” HCL Technologies President and CEO C Vijayakumar said.

He added that within two quarters of its inception, HCL Software has already onboarded 4,600 customers.

“I am pleased that our results continue to validate and reinforce our growth, profitability and investment strategies,” Vijayakumar said.

In dollar terms, the net profit grew 17.2 per cent to $426.5 million for the December 2019 quarter, while revenue surged by 15.5 per cent to $2.5 billion as compared to the year-ago period, as per the US Generally Accepted Accounting Principles.

The company added 11,502 employees (gross) during the quarter to take its total head count to 1,49,173 at the end of the December 2019 quarter. Attrition on last 12-month basis stood at 16.8 per cent.

The results were announced after trading hours. Shares of the company on Friday closed at Rs 598.8, up marginally from their previous close on the BSE.

Source: The Hindu