INDUSTRY HCL Tech Q2 net profit up 18.5% at ₹3,142 crore

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IT firm HCL Technologies on Friday posted 18.5% rise in September quarter net profit at ₹3,142 crore.

The IT major had registered a net profit of ₹2,651 crore in the July-September 2019 quarter (as per U.S. GAAP), HCL Technologies said in a regulatory filing.

Its revenue grew 6.1% to ₹18,594 crore in the quarter under review, from ₹17,528 crore in the corresponding quarter last year.

On a sequential basis, net profit was 7.4% higher from ₹2,925 crore, while top line was higher by 4.2% from ₹17,841 crore in June 2020 quarter.

In the second quarter, HCL Technologies recorded revenue growth at 4.5% quarter-on-quarter in constant currency — higher than its estimate of 1.5-2.5% sequential rise.

HCL Technologies has maintained its revenue growth guidance of an average of 1.5-2.5% increase quarter-on-quarter in constant currency for the third and fourth quarter.

“We have delivered a stellar Q2 performance with a sequential revenue growth of 4.5% in constant currency and 21.6% EBIT margin,” HCL Technologies President and CEO C. Vijayakumar said.

This growth momentum was driven by continued leadership in Digital Transformation and Cloud businesses and a strong stability in the Products and Platforms segment, all of which continue to open diverse growth avenues for the company, he added.

“Our investments over the last few years in next-gen technologies have held us in good stead during these difficult times and position us strongly to leverage the emerging market opportunities,” Vijayakumar said.

The Board of Directors has declared an interim dividend of ₹4 per equity share for the financial year 2020-21.

During the quarter, HCL signed 15 transformational deals. At the end of September 2020 quarter, HCL had 1,53,085 employees, while attrition for IT services (on a last 12 month basis) was at 12.2%.

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