HCLTech net profit up 9.8% in Q2
NOIDA, INDIA — IT services firm HCL Technologies reported a 9.8% increase in quarterly net profit to Rs 3,832 crore (US$460 million), aided by strong deal momentum despite broader IT sector weakness.
The firm’s revenue also grew 8.04% year-over-year (YoY) to Rs 26,672 crore (US$3.20 billion) for July-September, driven by robust performance across IT, engineering services, and software segments.
HCL Technologies CEO C Vijaykumar said that the quarter’s results reflect the firm’s ability to execute well in an evolving business environment.”
Segment-wise, HCLTech’s IT and business services revenue reached ₹19,898 crore (US$2.39 billion), marking a 4.6% YoY increase. Engineering and Research and Development (R&D) services revenue also grew by 2% YoY to ₹4,271 crore (US$513 million).
HCLTech declared an interim dividend of ₹12 per equity share for fiscal 2023-24, with a record date of October 20, 2023, and a payment date of October 31, 2023.
However, the company adjusted its FY24 revenue guidance to 4-5% from 6-7% and reduced its services revenue guidance to 4.5% – 5.5% in constant currency terms. EBIT margin is expected to be between 18-19%.
The September quarter also brought the company new deals worth US$3,936 million. At the same time, its attrition went down to 14.2% compared to the previous quarter’s 16.3%.
