Info-tech

HCL Tech Q1 profit rises 15% to ₹2,047 cr

Our Bureau New Delhi | Updated on January 17, 2018

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Noida-based IT services firm HCL Technologies on Wednesday reported a net profit of ₹2,047 crore for the quarter ended June 30, up 15 per cent over the corresponding quarter last year. Revenue grew 16 per cent year-on-year (YoY) to ₹11,336 crore.

The company earlier followed the July-June fiscal but has now moved to the April-March cycle, as mandated in the Companies Act. For the current financial year, the company expects its revenue to grow 12-14 per cent without fluctuations in currencies. On a constant currency basis, HCL Tech’s revenue was up 11.2 per cent YoY.

“It has been a very good quarter. We have started with a very good performance with 6 per cent revenue growth quarter-on-quarter in constant currency terms,” Anant Gupta, President and Chief Executive Officer, HCLT, said.

He said the growth momentum is broad-based, encompassing all sectors and service lines, propelled by its focus on new technologies and a robust business model.

The company’s deal with Volvo’s IT services division in February added over $40 million to the June quarter revenue, which rose 6.5 per cent over the previous quarter, the company said.

During the quarter, the company added 1,211 people, taking the total headcount to 1,06,107 people. Attrition in IT services (last 12 months basis) stood at 17.8 per cent.

HCL Tech signed 13 deals during the quarter.

No Brexit impact

Gupta said the company had seen growth across the Americas and Europe, at 13.7 per cent and 10.6 per cent, respectively.

“It’s a little too early to talk about the impact of Brexit. In our discussions with customers, they have not said anything,” he said, adding that only 8 per cent of revenues are impacted by the British pound.

HCL Tech shares closed at ₹825.90 on the BSE on Wednesday, up 3.16 per cent from the previous close.

Published on August 03, 2016

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