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HCL Tech Q1 results: Consolidated PAT rises marginally YoY to Rs 3,283 cr, interim dividend declared

HCL Tech Q1 results: Consolidated PAT rises marginally YoY to Rs 3,283 cr, interim dividend declared

Revenue from operations also grew 16.9 per cent YoY to Rs 23,464 crore for the first quarter of 2022-2023 as against Rs 20,068 crore in the same quarter last fiscal.

HCL Tech Q1 results HCL Tech Q1 results

HCL Technologies on Tuesday reported a marginally rise by 2.43 cent year-on-year in its consolidated net profit at Rs 3,283 crore for the quarter ended 30 June, 2022. The company had posted a net profit of Rs 3,205 crore in the year-ago period.

Sequentially, the company's net profit saw a decline of 8.6 per cent in Q1FY23 from Rs 3,593 crore in the March quarter (Q4FY22).

Revenue from operations also grew 16.9 per cent YoY to Rs 23,464 crore for the first quarter of 2022-2023 as against Rs 20,068 crore in the same quarter last fiscal.

Further, HCL Tech also added that the board has declared an interim dividend of Rs 10 per equity share of Rs 2 each for the financial year 2022-2023.

Graphic credit: Mohsin Shaikh

“As technology becomes central to lives and businesses, HCL is accelerating the digital transformation journeys of its clients. We continue to pursue our growth strategy with a sense of purpose and responsibility toward our stakeholders and communities.”, said Roshni Nadar Malhotra, Chairperson, while commenting on the results.

Further, C Vijayakumar, CEO & Managing Director, added, "We have started FY’23 on a strong note with an overall growth of 2.7% QoQ and 15.6% YoY in Constant Currency. Our services business continues to have robust growth momentum, growing at 2.3% QoQ and 19.0% YoY in constant currency, driven by our digital engineering and digital application services with cloud adoption being a horizontal theme across all services and verticals”.

Graphic credit: Mohsin Shaikh

"Our new bookings grew 23.4% YoY supported by a good mix of large and mid sized deals and our pipeline remains near record high. Our operating margin came in at 17.0%. We have put in place the right measures that will improve our profitability going forward," he added.

“The key highlight of the quarter is the stellar growth in Services at 19% YoY in CC. Products & Platforms was 1.4% up YoY in CC, excluding the divested/discontinued business. Our cash generation continues to be robust at Operating Cash Flow (OCF) of US$ 2,013 Mn and Free Cash Flow (FCF) of US$ 1,762 Mn, on LTM basis, with OCF /NI at 112%. The board has approved a dividend on INR 10 per share in accordance with our Capital Allocation Policy.”, said Prateek Aggarwal, Chief Financial Officer, added.

On Tuesday, shares of HCL Tech closed 1.63 per cent lower at Rs 928.05 apiece on BSE.