HCL Technologies Reports 7% Rise in Net Profit
- ByStartupStory | July 13, 2023
HCL Technologies, a leading IT services firm, announced a 7% increase in its net profit for the June quarter, attributed to significant new order wins. The company’s consolidated net profit reached Rs 3,534 crore, or Rs 13.05 per share, compared to Rs 3,324 crore, or Rs 122.13 per share, in the same period last year, according to the company’s stock exchange filing. However, on a quarter-on-quarter basis, the net profit declined by 11% compared to the earnings of Rs 3,983 crore in the previous quarter (January-March).
HCL Technologies recorded revenue of Rs 26,296 crore, reflecting a 1.2% decline quarter-on-quarter but a 12.1% increase year-on-year. In constant currency terms, the revenue decreased by 1.3% quarter-on-quarter but rose by 6.3% year-on-year. The company’s strong performance can be attributed to winning 18 large deals during the quarter, including 7 in services and 11 in software.
Looking ahead, HCL Technologies projected a revenue growth of 6-8% in constant currency terms for the coming months. The company also expects to achieve an EBIT (earnings before interest and taxes) margin of 18-19%.
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