HCL Tech Q1 net profit rises 9.9% to Rs 3,214 crore | Companies News

HCL Tech Q1 net profit rises 9.9% to Rs 3,214 crore | Companies News

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New Delhi: IT firm HCL Technologies on Monday posted a 9.9 per cent rise in consolidated net profit to Rs 3,214 crore for the June 2021 quarter, and said it expects double-digit growth in constant currency revenue in FY22.

The IT major had registered a net profit of Rs 2,925 crore in the April-June 2020 quarter (as per US GAAP), HCL Technologies said in a regulatory filing.

Its revenue grew 12.5 per cent to Rs 20,068 crore in the quarter under review, from Rs 17,841 crore in the corresponding period last year.

“We posted 11.7 per cent year-on-year revenue growth in constant currency and 29 per cent y-o-y growth in Mode 2 services in constant currency headlined by Cloud and Digital transformation deals.

?We remain very confident of a good quarter-on-quarter growth for the rest of this year, enabled by 37 per cent y-o-y growth in bookings and 7,500-plus net hiring this quarter,? HCL Technologies President and CEO C Vijayakumar said.

In constant currency terms, HCL Tech’s revenue in the June 2021 quarter grew 11.7 per cent year-on-year, the filing said.

“Revenue (is) expected to grow in double digits in constant currency for FY’22…EBIT margin (is) expected to be between 19 per cent and 21 per cent for FY’22,” it added.

The company’s first-quarter TCV (total contract value) of new deal wins was at USD 1,664 million, up 37 per cent year-on-year.

In dollar terms, HCL Technologies’ net income was up 12.8 per cent at USD 43 million in the June 2021 quarter, while revenue was higher by 15.5 per cent at USD 2,719.6 million in the reported quarter over the year-ago period.

The Board of Directors has declared an interim dividend of Rs 6 per equity share for the financial year 2021-22. The Record date of July 28, 2021, has been fixed for the payment of the interim dividend.

At the end of the June 2021 quarter, HCL had 1,76,499 employees with a net addition of 7,522 people. Its attrition for IT services (on last 12-month basis) was at 11.8 per cent.

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