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IT firm <keyword id="30331" type="CITY" weightage="20" keywordseo="HCL-Technologies">HCL Technologies</keyword> 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), <keyword id="28126" type="CITY" weightage="20" keywordseo="HCL">HCL</keyword> 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 <keyword id="11674205" type="UNKNOWN" weightage="20" keywordseo="cloud-and-digital">Cloud and Digital</keyword> 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 <keyword id="819570" type="COMPANY" weightage="20" keywordseo="C-Vijayakumar">C Vijayakumar</keyword> 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 <keyword id="136326" type="ORGANIZATION" weightage="20" keywordseo="Board-of-Directors">Board of Directors</keyword> 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. SEE ALSO - <a href="https://www.businessinsider.in/tech/mobile/news/apple-could-finally-bring-the-always-on-display-feature-on-the-iphone-13/articleshow/84542970.cms">Apple could finally bring the always-on display feature on the iPhone 13</a> <a href="https://www.businessinsider.in/stock-market/news/g-r-infraprojects-ipo-makes-a-strong-listing-on-exchanges-with-over-100-premium-shares-open-at-1700/articleshow/84542747.cms">G R Infraprojects IPO makes a strong listing on exchanges with over 100% premium, shares open at ₹1700</a>

HCL remains confident on 'good' quarterly growth for the rest of this financial year, declares a dividend of ₹6 per share

NEW DELHI: ​IT services exporter HCL Technologies beat market expectations with a 59 per cent rise in March-quarter profit, helped by increasing demand for outsourcing services. 
 
Consolidated net income for the three months ended March 31 rose to Rs 1624 crore from Rs 1020 crore in the same period a year earlier, HCL Technologies said on Thursday. Profit after Tax (PAT) was up 8.5 per cent QoQ. 
 
ET Now had estimated India's fourth largest software services exporter to report a 3.6 per cent sequential rise in its net profits for the quarter ended March 31 to Rs 1551 core. 
 
“Our leadership has been driven by our commitment towards sustainability, diversity and trust through transparency. With an emergence of an increasingly positive macro environment these values will continue to be HCL’s key differentiators and provide an impetus to our future growth”, said Shiv Nadar, Chairman &amp; Chief Strategy Officer, HCL Technologies. 
 
Revenue rose 30 per cent to Rs 8349 crore. HCL Technologies Ltd has informed BSE that the Board of Directors has declared an interim dividend of Rs 4 per equity share, its 45th consecutive quarter of dividend payout. 
 
The sales for the third quarter rose 2 per cent sequentially to Rs 8,349 crore as compared to Rs 8,184 crore reported in the previous quarter. 
 
HCL's results follow stronger-than-expected profits at Tata Consultancy Services, the No 1 Indian IT services provider, and at No 2 player Infosys. 
 
IT services providers are gearing up for stronger demand this year as an improving global economy encourages the sector's clients to boost spending on technology. 
 
Exports by the country's IT outsourcing sector are expected to rise 13-15 percent in the current fiscal year that started this month, according to the National Association of Software and Services Companies, an industry lobby group.

HCL Technologies Q3 Net Profit Rises 59%; Beats Estimates

NEW DELHI: <keyword id="30331" type="CITY" weightage="20" keywordseo="HCL-Technologies">HCL Technologies</keyword> slipped as much as 1.8 per cent in trade on Thursday, after India's fourth largest software services exporter reported 13 per cent QoQ growth in its net profit number to Rs 1,834 crore for the fourth quarter ended FY14, which was largely in line with ET Now estimates. 
 
However, net profit on a year-on-year basis grew by 54 per cent. 
 
At 09:20 a.m.; HCL Technologies recouped some of the intraday losses but was still trading 0.7 per cent lower at Rs 1585.10. It hit a low of Rs 1567.75 and a high of Rs 1597 in trade today. 
 
Analysts polled by ET Now were anticipating a net profit of Rs 1611.90 crore for the quarter ended June 30. India's fourth largest software services exporter reported a net profit of Rs 1624 crore in the year ago period. 
 "HCL continues to demonstrate its ability to navigate the dynamic economic <keyword id="6356826" type="COMPANY" weightage="20" keywordseo="environment">environment</keyword> and grow profitably by delivering "relevant" and unique service experience to its customers fueled by the 'Relationships Beyond the Contract' philosophy," says said Shiv Nadar, Chairman and Chief Strategy Officer, HCL Technologies 
 
The Board of Directors also declared a Special Dividend, of Rs. 12/- per equity share of Rs. 2/- each of the Company, for the Year 2014-15. The Payment date of the said interim dividend shall be August 14, 2014.

HCL Technologies Slips Nearly 2% Despite Strong Q4 Results

BANGALORE: <keyword id="30331" type="CITY" weightage="40" keywordseo="HCL-Technologies">HCL Technologies</keyword>, India’s No 4 IT services exporter, joined larger rival <keyword id="6354512" type="CITY" weightage="80" keywordseo="Infosys">Infosys</keyword> in signalling a strong year ahead after ramp ups in its biggest markets helped it beat street expectations. 
 
The company’s shares were trading about 2.8% higher in early Mumbai trading on Thursday after it reported better-than-expected earnings for the December quarter. 
 
HCL, which follows a July-June fiscal calendar, added $1 billion in total contract wins in the December quarter including 15 “transformational” deals. For the calendar year 2013, the company crossed $5 billion in revenue. 
 
Infrastructure Services, Europe as a market and the manufacturing vertical each crossed $1.5 billion in annual revenues, CEO Anant Gupta said in a statement. 
 
PROFIT BEATS 
 
HCL beat expectations with a 58.4% rise in quarterly profit, after order ramp ups boosted earnings. Consolidated net profit for the fiscal second quarter that ended December 31 rose to Rs 1,496 crore from Rs 944 crore a year-earlier, NOIDA-based HCL said on Thursday. 
 
That compares with analysts’ expectation of Rs 1,450 crore, the average of eight estimates compiled by ET. Profit margin on the basis of earnings before interest and taxes were little changed at 23.7% for the quarter versus 23.8% for the September quarter. 
 
Sales in dollar terms rose 4% from the September quarter to $1,321 million. 
 
HCL added 1,136 staff to end the quarter with 88,332 employees, but staff churn on a leading-12-months basis rose a bit to 16.6% versus 16.1% at the end of the September quarter. 
 
The company increased the number of clients contributing $100 million and $50 million in annual revenue from a year earlier. 
 Larger rival Infosys beat expectations and raised its forecast earlier this month. Top-ranked <keyword id="6357585" type="CITY" weightage="40" keywordseo="Tata-Consultancy-Services">Tata Consultancy Services</keyword> doesn't provide an official forecast but is widely expected to grow faster than the industry exports growth forecast of 12-14 percent made by the sector lobby <keyword id="6372077" type="CITY" weightage="40" keywordseo="Nasscom">Nasscom</keyword>. 
 TCS may say profit rose 45% when it reports its December quarter earnings later today, according to <keyword id="108560" type="POSITION" weightage="40" keywordseo="Analyst">analyst</keyword> estimates compiled by ET. Third-ranked <keyword id="10862" type="CITY" weightage="40" keywordseo="Wipro">Wipro</keyword> will report its earnings on Friday.

HCL Technologies Q2 Profit Rises 58.4% To Rs 1,496 Crore, Beats Estimates

<ul><li>Shares plunged nearly 7% as the shrinking margin disappointed investors.</li><li>Revenue for the Noida-based IT services firm grew a strong 7% after adjusting foreign exchange fluctuations. This is better than that of TCS and Wipro.</li><li>The reason for the street’s disappointment was the operating profit margin at 19% which didn’t grow at all despite the strong growth in revenue.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul><keyword id="30331" type="General" weightage="20" keywordseo="hcl-technologies" source="Orion">HCL Technologies</keyword> clocked a 7% growth in revenue (after adjusting for foreign exchange changes) between October and December 2021. Now, that’s better than <a href="https://www.businessinsider.in/tech/enterprise/news/tcs-vs-infosys-vs-wipro-how-indias-three-it-giants-stack-up-against-each-other/slidelist/88860676.cms#slideid=88860749">TCS and Wipro</a> and it should have been a reason for the stock market to cheer. However, the stock slipped nearly 7% when the market opened for trade on Monday (Jan 17). <div type="image" title="hcl tech share" height="900" width="1200" msid="88944640" hostid="261"></div>The reason for the street’s disappointment was the operating profit margin of 19% which didn’t grow at all, compared to three months earlier, while the revenue grew sharply. Salary hikes and cost of hiring and retaining employees are eating into the profit, according to analysts at Sharekhan, a Mumbai-based broking firm. So much so that the company has cut its operating margin (earnings before interest and taxes) guidance for the full year ending March 2022 to 19% from the earlier estimate of 19-21%. The reason is the sharp jump in attrition, which has more than doubled since the end of March 2021. <div type="image" title="hcl tech attrition" height="900" width="1200" msid="88944657" hostid="261"></div>While the costs are rising, the business is growing too. The management at HCL Tech expects a double digit growth i.e anything above 10%, for the full year ending March 2022. That’s quite encouraging. <div type="image" title="hcl tech reve" height="900" width="1200" msid="88944667" hostid="261"></div>The question is whether this will result in higher profits as well. Analysts at Motilal Oswal believe that all the growth on the topline will trickle down to profit next year onwards. In a report dated Jan 17, Motilal Oswal has increased the earnings estimate for the year ending March 2023 by 2%. Here are target prices set by several brokerage firms for the company’s share price. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage firm </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Implied change from Friday’s closing price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Citi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,385 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UBS Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹925 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-30% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JP Morgan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,500 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nomura </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,580 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">18% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Morgan Stanley </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,450 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CLSA </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,450 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Credit Suisse </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,650 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Emkay Global </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,460 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sharekhan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,550 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,690 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">26% </td></tr></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/even-after-the-lic-ipo-indian-government-may-be-well-short-of-its-divestment-target/articleshow/88938799.cms">Even after the LIC IPO, Indian government may be well short of its divestment target ⁠— for a third year in a row</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tesla-india-prospects-get-a-boost-as-states-compete-with-each-other-to-invite-elon-musk-to-their-backyard/articleshow/88890951.cms">Tesla India prospects get a boost as states compete with each other to invite Elon Musk to their backyard</a>

The street is dumping HCL Tech shares because its employees are leaving at a faster rate than ever before

New Delhi, Jan 17 () IT major HCL Technologies on Friday posted a 13 per cent rise in its consolidated net profit at Rs 2,944 crore for the December 2019 quarter.
 The company had registered a net profit of Rs 2,605 crore in the year-ago period as per Indian Accounting Standards, HCL Technologies said in a statement.
 Its revenue from operations grew 15.5 per cent to Rs 18,135 crore in the quarter under review, from Rs 15,699 crore in the year-ago period.
 The company has revised its revenue growth outlook to 16.5 -17 per cent for 2019-20 from its previous forecast of 15-17 per cent topline growth in constant currency terms.
 HCL Technologies' board has declared a dividend of Rs 2 per share.
 "We continue our stellar performance over the years and have now crossed a revenue run rate of USD 10 billion this quarter. Our revenues have grown 16.4 per cent year-on-year in constant currency and we have delivered a strong 20.2 per cent earnings before interest and taxes (EBIT)," HCL Technologies President and CEO C Vijayakumar said.
 He added that within two quarters of its inception, HCL Software has already onboarded 4,600 customers.
 "I am pleased that our results continue to validate and reinforce our growth, profitability and investment strategies," Vijayakumar said.
 In dollar terms, the net profit grew 17.2 per cent to USD 426.5 million for the December 2019 quarter, while revenue surged by 15.5 per cent to USD 2.5 billion as compared to the year-ago period, as per the US Generally Accepted Accounting Principles.
 The company added 11,502 employees (gross) during the quarter to take its total head count to 1,49,173 at the end of the December 2019 quarter. Attrition on last 12-month basis stood at 16.8 per cent.
 The results were announced after trading hours. Shares of the company on Friday closed at Rs 598.8 apiece, up marginally from their previous close on the BSE. SR PRS ANS
ANS

HCL Tech Q3 net profit rises 13 pc to Rs 2,944 cr

(Eds: Adding details) New Delhi, May 7 () IT services major HCL Technologies on Thursday posted 24.3 per cent jump in March quarter consolidated net profit at Rs 3,154 crore, and said there could be certain short-term challenges like clients deferring new projects and volume-based billing impact on account of COVID-19 pandemic. HCL Technologies, which had registered a consolidated net profit of Rs 2,550 crore in the January-March 2019 quarter as per Indian accounting norms (Ind-AS), refrained from offering a revenue growth outlook for FY'21 but expressed confidence of a strong performance in the near and long term. IT firms like Wipro and Infosys have also suspended their practice of offering revenue growth forecast, while Cognizant had retracted its annual outlook for 2020. HCL Tech's revenue grew 16.3 per cent to Rs 18,587 crore in the March 2020 quarter, from Rs 15,990 crore in the year-ago period. "... there is some volume-based billing impact, there is some deferral of discretionary spend, some new project decision making is slowing down and some price discounts and maybe payment term extensions. These are the type of issues we are seeing on the demand side," HCL Technologies President and CEO C Vijayakumar told reporters. He added that industries that have seen bigger impact of the COVID-19 pandemic include automobiles, aviation, entertainment, and non-grocery retail. "But there are several verticals where we see the impact is very low - financial services, telecom, and professional services. Also our portfolio has certain insulated industry segments like life sciences and technology services that are fairly insulated and we are seeing some robust demand there," he said. Vijayakumar said the company is seeing both kind of impacts - "pockets of good demand in weak verticals" and "weak demand in strong verticals" given HCL Tech's mixed portfolio mix. "... we do not see this pandemic influencing our multi-year engagements beyond the short term, our efforts of building strong relationship with our clients, most of them are fortune 500 or global 2000 brands, with very strong and sustainable business model gives us that confidence that in the long term they're intact but in the short term there could be some challenges," he explained. Shares of the company were trading at Rs 517.80, marginally lower than the previous close on BSE. "HCL Tech reported in-revenue growth, while EBIT margin and net profit have beaten our estimates. Constant currency revenue grew 0.8 per cent q-o-q/13.5 per cent y-o-y, in-line with our estimates, led by strong growth in technology and services vertical," Sanjeev Hota, Head of Research at Sharekhan by BNP Paribas, said. Vijayakumar said the company has frozen hiring in general but continues to hire for niche areas including digital, cloud cybersecurity and Internet of Things. It will also hire the 15,000 freshers to whom offer letters had been rolled out. However, no decision has been taken on wage hikes as the company follows the July cycle. The COVID-19 pandemic has disrupted businesses globally with many governments imposing lockdown to contain the spread of the coronavirus. This forced most companies, including IT services firms, to ask employees to work from home. In India, certain relaxations have been allowed to bring a section of people back at work while following strict safety and health protocols. "We believe this return needs to be very well-calibrated. We do not foresee more than 10 per cent of our employees coming into offices by the end of this quarter, and we will keep evaluating it and see how to react to the situation. And we are seeing significant increase in productivity in the work-from-home operating model," he said. Vijayakumar added that the company would re-evaluate to see if this arrangement will work out in a non-lockdown scenario, and if customers will agree to it. "How will the privacy and security aspects play out is something we have to see. So I think it's going to take some time to really determine what the long-term operating model will be, but directionally, I see in 12 to 18 months, 50 per cent of employees would work from home and 50 per cent will work from offices and this will be in some kind of rotation model," he said. For FY'20, HCL Tech's net profit increased 9.3 per cent to Rs 11,057 crore, while revenue grew about 17 per cent to Rs 70,676 crore from the previous financial year. Its revenue growth in constant currency was at 16.7 per cent - in line with its outlook for 16.5-17 per cent growth. In US GAAP terms, HCL Tech's consolidated net profit in March quarter grew 22.8 per cent to Rs 3,154 crore, while revenue rose 16.3 per cent to Rs 18,590 crore from the year-ago period. For FY'20, HCL Tech's consolidated net profit increased 9.3 per cent to Rs 11,062 crore, while revenue grew 17 per cent to Rs 70,678 crore from the previous financial year. "FY'20 has been a landmark year, where we witnessed our highest growth in recent years and an industry leading performance for the fourth consecutive year. "Our focused 'Mode 1-2-3 strategy' helped deliver an all-round growth across service lines, verticals and geographies and enabled us to deliver at the top end of our revenue guidance and exceed the top-end of our margin guidance for the year," Vijayakumar said. During the fiscal, HCL Tech signed 53 transformational deals. At the end of March 2020 quarter, HCL had 1,50,423 employees with the addition of 1,250 people in the fourth quarter. Its attrition (on last 12 month basis) was at 16.3 per cent. HCL Tech said of its total global employee base, presently 96 per cent are working from home and another 2.5 per cent are working from offices. The Board has proposed a final dividend of Rs 2 per share on double the number of shares post 1:1 bonus issue. SR DRRDRR

You Searched For "HCL profits" and got 7 results

HCL remains confident on 'good' quarterly growth for the rest of this financial year, declares a dividend of ₹6 per share

PTI

HCL Technologies Q3 Net Profit Rises 59%; Beats Estimates

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HCL Technologies Slips Nearly 2% Despite Strong Q4 Results

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HCL Technologies Q2 Profit Rises 58.4% To Rs 1,496 Crore, Beats Estimates

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The street is dumping HCL Tech shares because its employees are leaving at a faster rate than ever before

Bhakti Makwana

HCL Tech Q3 net profit rises 13 pc to Rs 2,944 cr

PTI

HCL Tech Q4 net up 24.3 pc to Rs 3,154 cr, sees short-term impact of COVID-19

PTI

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