HCL Tech Q1 net profit falls 8.2% to Rs 2,230 crore

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Published: August 7, 2019 8:07:49 PM

The company expects its FY2020 revenues to grow between 14-16 per cent in constant currency terms.

HCL Tech Q1, HCL Tech Q1 net profit, HCL Technologies, HCL Technologies revenue, HCL Tech shares, BSEHCL Technologies saw its revenue from operations growing 18.3 per cent to Rs 16,427 crore in the quarter under review, from Rs 13,878 crore in the April-June 2018 quarter.

IT major HCL Technologies on Wednesday posted a 8.2 per cent decline in its consolidated net profit to Rs 2,230 crore for the quarter ended June 30. The company had registered a net profit of Rs 2,431 crore in the year-ago period as per the Indian Accounting Standards (Ind-AS), it said in a statement. HCL Technologies saw its revenue from operations growing 18.3 per cent to Rs 16,427 crore in the quarter under review, from Rs 13,878 crore in the April-June 2018 quarter.

The company expects its FY2020 revenues to grow between 14-16 per cent in constant currency terms. The company has started this fiscal on a very strong note with quarterly revenue growth of 4.2 per cent and 17 per cent in constant currency terms, HCL Technologies President and CEO C Vijayakumar said.

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“With our current momentum, we aspire to register an industry leading organic growth in FY’20. While our margins this quarter were muted in line with our investment strategy to leverage future growth opportunities, I am confident that our time-tested operating model will deliver margins within our guided range this year,” he added.

In dollar terms, the net profit fell 10.1 per cent to USD 319.7 million for the June 2019 quarter, while revenue surged by 15 per cent to USD 2.36 billion as compared to the year-ago period, as per the US Generally Accepted Accounting Principles (GAAP).

HCL Technologies board has declared a dividend of Rs 2 per share. The company added 16,332 people (gross) and 5,935 staff (net) during the quarter to take its total head count to 1,43,900 at the end of the June 2019 quarter. Attrition in the IT services business on the past 12-month basis stood at 17.3 per cent. The results were announced after trading hours. Shares of the company closed at Rs 1022.30 apiece, down 0.20 per cent from its previous close on the BSE.

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