HCL Tech Q3 net declines 14 per cent to ₹3,442 crore

BL New Delhi Bureau | Updated on: Jan 14, 2022
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Declares dividend of ₹10 per share

HCL Technologies (HCL Tech) on Friday has reported a decline in its consolidated net profit by around 14 per cent year-on-year (YoY) at ₹3,442 crore in the third quarter ending December, as compared with Rs.3,982 crore in the corresponding period the previous year.

However, its revenue grew by 16 per cent to ₹22,331 crore in the October-December quarter under review, as against ₹19,302 crore in the same period of 2020.

The company has also declared a dividend of Rs.10 per share for the third quarter of the current fiscal.

“We are in the disruption phase of our lives, and the world has been dramatically reshaped and transformed...As the global economy revives and we emerge from this crisis, we will continue to meet future challenges armed with our core beliefs of innovation and invention, driven by a strong faith in humanitarian values,” Roshni Nadar Malhotra, Chairperson, HCL Tech said.

The company's Products & Platforms segment led the growth with 24.5 per cent, followed by Engineering and R&D Services with 8.3 per cent and IT and Business Services with 4.7 per cent, all in quarter-on-quarter constant currency.

“We have delivered all round stellar performance this quarter with a revenue growth of 7.6 per cent in constant currency quarter-on-quarter, the highest recorded in the last 46 quarters," C Vijayakumar, Managing Director and Chief Executive Officer, HCL Tech said.

“Our future looks bright as we had a very strong net new booking of $2.1 billion, a 64 per cent YoY increase. We also added more than 10,000 to our employee strength this quarter. I believe we continue to be in a vantage position to address sustained demand momentum as our investments on strategic priorities like digital, cloud and engineering capabilities and our talent development plans are showing strong returns,” he added.

The company had 1,97,777 employees at the end of the December quarter, with a net addition of 10,143 people while attrition for IT services (on the last 12-month basis) was at 19.8 per cent.

Meanwhile, HCL Tech said it will acquire Hungarian firm Starschema for $42.5 million (about ₹315 crore). The company has signed a definitive pact for the acquisition of Budapest-based Starschema, which provides data engineering services, it added.

Shares of HCL Tech closed at ₹1337.55 apiece on the BSE on Friday, up 0.32 per cent from the previous close.

Published on January 14, 2022

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