HCL Tech Q1 Results: Net Profit Rises 2.4 Per Cent At Rs 3,283 Crore; Company Declares Dividend

HCL Technologies, the Indian IT services firm, on Tuesday logged a 2.4 per cent year-on-year (YoY) increase in its net profit for the three months ended June 2022 at Rs 3,283 crore, the PTI reported.

According to the report, the revenue for the IT company came in at Rs 23,464 crore, which was nearly 17 per cent higher than the year-ago period. In its FY23 guidance, HCL said revenue is expected to grow between 12 per cent and 14 per cent in constant currency terms.

HCL Tech’s board has declared an interim dividend of Rs 10 per equity share of Rs 2 each for the FY22-23.

“As technology becomes central to lives and businesses, HCL is accelerating the digital transformation journeys of its clients. We continue to pursue our growth strategy with a sense of purpose and responsibility toward our stakeholders and communities,” Roshni Nadar Malhotra, chairperson of HCL Technologies Ltd, said in a statement.

HCL Technologies CEO and Managing Director C Vijayakumar noted that the company has started FY23 on a “strong note” with an overall growth of 2.7 per cent quarter on quarter (QoQ) and 15.6 per cent YoY in constant currency.

“Our services business continues to have robust growth momentum, growing at 2.3 per cent QoQ and 19 per cent YoY in constant currency, driven by our digital engineering and digital application services with cloud adoption being a horizontal theme across all services and verticals,” Vijayakumar added.

On Tuesday, the company’s stock on the BSE closed trading nearly 2 per cent lower at Rs 926.10.