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HCL Technologies Q3 net profit rises 19% YoY to Rs 2,611 crore

HCL Technologies posted a 19% increase in consolidated net profit to Rs 2,611 crore for the quarter ended December 31

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HCL Technologies Q3 net profit rises 19% YoY to Rs 2,611 crore

The country's fourth largest IT services firm, HCL Technologies, today reported strong Q3 figures. The company posted a 19% increase in consolidated net profit to Rs 2,611 crore for the quarter ended December 31 compared to the same period last fiscal while revenue for the quarter jumped 22.6% to Rs 15,699 crore (year-on-year). In dollar terms, the net profit rose 7% at $364 million for the period under review while revenue was up 10.8% year-on-year to $2.2 billion.

"Our revenues grew 5.6% sequentially in constant currency. We crossed $1.5 billion run rate in our Mode 2 next generation offerings. We once again set a new bookings' record this quarter. We are entering 2019 with a healthy growth outlook backed by the strong relevance of our propositions in the market," HCL Technologies President and Chief Executive Officer C. Vijayakumar said in a statement.

"HCL continues its strong deal win momentum, signing 17 transformational deals this quarter, which are a mix of Mode 1 and Mode 2 services across all our service lines. These deals were led by sectors such as Financial Services, Technology & Services and Manufacturing," the company said. It has maintained its FY19 revenue guidance between 9.5-11.5% in constant currency basis.

Mode 1 encompasses the core services in areas of applications, infrastructure, engineering, R&D and business services. As part of Mode 2, HCL delivers experience-oriented integrated offerings across Digital & Analytics, IoT WoRKS, Cloud Native Services and Cybersecurity & GRC services while its Mode 3 strategy focusses on creating innovative IP-partnerships to build products and platforms business.

The company added 13,191 people (gross) during the quarter to take its total headcount to 1.32 lakh in Q3 while attrition in the IT services business stood at 17.8% in the past 12 months.

HCL's board has declared an interim dividend of Rs 2 per share for FY19.

(With PTI inputs)

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