Info-tech

HCL Tech Q2 net rises 7% to ₹2,711 crore

Our Bureau New Delhi | Updated on October 23, 2019 Published on October 23, 2019

A view of HCL campus in Chennai.   -  The Hindu

Company raises revenue growth forecast to 15-17% for the current fiscal

 

Noida-based information technology firm HCL Technologies on Wednesday reported a consolidated net profit of ₹2,711 crore for the second quarter ended September, up 7 per cent as compared with ₹2,534 crore in the corresponding period last year.

The company has raised its revenue growth forecast to 15-17 per cent for the current financial year (2019-20) from an earlier estimation of 14-16 per cent. Board of HCL Technologies has declared a dividend of ₹2 per share.

Bonus share

It has also announced a bonus share offer under which one bonus share will be given for every share held. The proposal is subject to approval of shareholders and regulatory nods.

Revenue from operations for the company rose by 18 per cent year-on-year (YoY) to ₹17,527 crore in the quarter from ₹14,860 crore in the year-ago period.

“HCLites have delivered yet another outstanding quarter with a 20.5 per cent YoY growth, translating to a more than 14 per cent industry leading organic growth. Our sharp focus on pricing and cost levers over the last six months have helped deliver a solid EBIT of 20 per cent. I am also very excited about the progress we have made in our newly-formed HCL Software business,” C Vijayakumar, President and Chief Executive Officer, HCL Technologies, said.

He said the company was confident that this momentum combined with its diversified portfolio of services and software will deliver great value to its clients, shareholders and most importantly, the employees.

Shares of the company closed at ₹1,095.65 apiece on Wednesday on the BSE, up 2.93 per cent from the previous close.

 

Published on October 23, 2019
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