HCL Technologies Q2 net income up 18% YoY at ₹3,142 crore

Our Bureau New Delhi | Updated on October 16, 2020 Published on October 16, 2020

Shiv Nadar, Chief Strategy Officer, HCL Technologies, said the pandemic has changed the way businesses operate   -  Rajeev Bhatt

Revenues rise 6%; company declares dividend of ₹4,

Noida-based information technology firm HCL Technologies on Friday reported a consolidated net income of ₹3,142 crore for the second quarter ending September 30, up 18.5 per cent year-on-year (YoY), compared with ₹2,651 crore in the corresponding period last year.

Revenue of the company also grew by six per cent YoY to ₹18,594 crore during the quarter, as against ₹17,528 crore in July-September 2019.

On a sequential basis also, net income grew 7.4 per cent (from ₹2,925 crore), and revenues grew by 4 per cent.

The company declared a dividend of ₹4 per share. This is the 71st consecutive quarter of dividend pay-out.

‘Unprecedented times’

“These unprecedented times and the volatile global business environment have changed the way organisations operate. Enterprises are accelerating the adoption of technology and sharpening their focus on being resilient and better prepared for unpredictable situations,” said Shiv Nadar, Chief Strategy Officer, HCL Technologies.

As businesses rethink, redefine and refine their ways of working, it has become imperative for them to adopt sustainable practices that complement their agile business models, he said.

“We believe that business has a collective social responsibility to ensure that stakeholders have every advantage to succeed. At HCL, we are committed to ensuring the socio-economic development of the communities we engage with around the world,” Nadar added.

Digital, cloud push

The growth momentum was driven by the company’s continued leadership in Digital Transformation and Cloud businesses and a strong stability in the Products & Platforms segment, all of which continue to open diverse growth avenues, C Vijayakumar, President and Chief Executive Officer at the company said.

“Our investments over the last few years in next-gen technologies have held us in good stead during these difficult times and position us strongly to leverage the emerging market opportunities,” he said.

Shares of HCL Technologies were trading at ₹827.65 apiece on the BSE at 10 a.m., down 3.70 per cent from the previous close.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on October 16, 2020
  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.