HCL Tech Q3 net profit up 6% to ₹ 2,194 crore

HCL Technologies, the country’s fourth largest IT firm, on Friday posted a 6 % growth in consolidated net profit at ₹ 2,194 crore for the quarter ending December compared to the same period of previous year.

The Noida-based firm had posted a net profit of ₹2,070 crore in the year-ago period, it said in a statement.

For the reported quarter, HCL Tech’s revenues grew 8.4 % to ₹ 12,808 crore, from ₹11,814 crore in the year-ago period, as per US GAAP accounting norms, it added.

“We finished last quarter on a strong note, with a growth of 3.3 % sequentially and 11.2 % year-on-year in constant currency terms,” HCL Technologies President and CEO C Vijayakumar said.

This was a strong quarter in terms of deal signings where HCL signed 20 transformational deals across services, he added.

In dollar terms, the company’s net profit grew 11.2 % to $ 340.3 million, while revenues rose 13.9 % to $ 1.98 billion compared to the year-ago period.

Revenues from the U.S. grew at 16.6 % in the reported quarter from the year-ago period, while that from Europe and rest of World was higher by 2.5 % in constant currency terms.

Financial services witnessed a 10.6 % growth on yearly basis, manufacturing 21 %, lifesciences and healthcare 9.7 %, and retail and CPG at 13.1 %.

Public services vertical grew marginally, while revenues from telecommunications, media, publishing and entertainment declined by 6.8 %.

HCL Tech shares were trading marginally down by 0.13 % at ₹ 953.65 on BSE in early trade. The scrip opened higher at ₹ 962 but declined later due to profit booking by investors.

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