HCL Tech | Representative image
HCL Technologies Ltd, a top-tier IT services provider in the country, on April 21 reported 226 percent growth in its consolidated profit after tax (PAT) at Rs 3,593 crore, compared to Rs 1,102 crore reported in the corresponding quarter a year ago. Due to the impact of deferred tax credit and the one-time milestone bonus paid during Q4FY21, the adjusted net profit during the same period last year stood at Rs 2,962 crore.
The adjusted profit after tax for the quarter grew 21.3 percent year-on-year.
Sequentially, the profit rose by 4.4 percent from Rs 3,442 crore reported in the quarter ended December 2021.
The consolidated revenues of the Noida-based IT company witnessed a growth of 15 percent at Rs 22,597 crore as against Rs 19,642 crore reported in the year ago period. On a sequential basis, the revenues increased 1.2 percent in comparison with Rs 22,331 crore reported during the previous quarter.
The growth in revenues for the quarter was aided by the growth in its IT services and ERD (Engineering and Research & Development) business while its P&P (Products & Platforms) business witnessed a decline due to seasonality.
For the full year period from April – March, PAT has increased by 21.1 percent to Rs 13,499 crore compared to a profit of Rs 11,145 crore reported in the previous financial year.
Consolidated revenues at Rs 85,651 crore have risen by 13.6 percent compared to Rs 75,379 crore recorded in FY21.
“We have delivered yet another stellar quarter in our Services business, where the revenue is up 5.0% QoQ & up 17.5% YoY in constant currency”, said C Vijayakumar, Chief Executive Officer & Managing Director. “Over the last three quarters, our Services business has been consistently growing organically at 5% and higher, delivering one of the highest CQGR in the industry”.
Our overall growth on YoY basis stands at 12.7% which is better than the guidance led by strong momentum in Digital, Cloud and Engineering services, Vijaykumar added.
The HCL stock closed Rs 9.8 or 0.9 percent up at Rs 1,099.20 at the National Stock Exchange on April 21. It generated returns of 14.35 percent in the past year while the stock is down 5.9 percent in the past one month.
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