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HCL Tech's FY20 profit grows 9.3% to Rs 11,062 crore

The tech company's March quarter profit grew 22.8 per cent to Rs 3,154 crore, compared to Rs 2,568 crore during the same period last year, says the company

twitter-logoBusinessToday.In | May 7, 2020 | Updated 12:32 IST
HCL Tech's FY20 profit grows 9.3% to Rs 11,062 crore
HCL Technologies did not offer revenue guidance amid uncertainties due to the COVID-19 pandemic

IT giant HCL Technologies has recorded a 9.3 per cent rise in consolidated net profit at Rs 11,062 crore in FY20, driven by strong growth across verticals. Its revenue grew 17 per cent to Rs 70,678 crore from the previous financial year. The tech company's March quarter profit grew 22.8 per cent to Rs 3,154 crore, compared to Rs 2,568 crore during the same period last year, HCL said in a regulatory filing.

In Q4, the company's revenue grew 16.3 per cent to Rs 18,590 crore compared to Rs 15,990 crore during the same period last year. The company has also proposed a dividend of Rs 2 per share on double the number of shares post 1:1 bonus issue.

HCL Technologies did not offer revenue guidance amid uncertainties due to the COVID-19 pandemic. Earlier, the company had predicted its topline in FY20 to grow between 16.5-17 per cent in constant currency terms, which was in line with its outlook as its revenue growth was 16.7 per cent in constant currency.

"FY20 has been a landmark year, where we witnessed our highest growth in recent years and 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," HCL Technologies President and CEO C Vijayakumar said.

He added the company was confident that its capabilities, balanced portfolio, strong client relationships and financial strength would help navigate this ongoing crisis and emerge stronger.

During the previous fiscal, HCL Tech signed 53 transformational deals, and had 1,50,423 employees, with the addition of 1,250 people in the fourth quarter. HCL Tech said of its entire workforce, 96 per cent were working from home right now, while just 2.5 per cent were working from offices.

Also read: Infosys FY20 net profit climbs 8% to Rs 16,639 crore; skips revenue guidance for FY21

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