HCL Technologies Q1 net up 7.6% to Rs 3,534 cr

IT services firm HCL Technologies reported a 7.6 pc year-on-year rise in its June quarter net profit on the back of new order wins. Its consolidated net profit at Rs 3,534 crore in April-June period was up from Rs 3,283 crore, in the same period a year back, according to a stock exchange filing. On a quarter-on-quarter basis, the net profit fell 11 per cent when compared to Rs 3,983 crore earnings in January-March period. The company’s revenue at Rs 26,296 cr was down 1.2 per cent quarter-on-quarter but up 12.1 per cent year-on-year. On a constant currency, revenue was down 1.3 per cent quarter-on-quarter but up 6.3 per cent year-on-year. HCL said it won 18 large deals, 7 in services and 11 in software, during the June quarter. The firm projected a revenue growth of 6-8 pc in constant currency terms and an EBIT (Earnings Before Interest and Taxes) margin of 18-19 per cent. The company’s board of directors have declared an interim dividend of Rs 10 per equity share of Rs 2 each of the company for the financial year 2023-24. The company’s CEO C Vijayakumar said the order pipeline continues to grow even as he added that the current quarter was a soft one. “Though we did expect this to be a soft quarter our performance was lower than our own expectations,” he said during the June quarter earnings conference.