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HCL Tech Q3 profit up 13% to Rs 2,944 crore; revenue grows 15.5%

BusinessToday.In     January 17, 2020

HCL Technologies recorded a 13 per cent increase in consolidated net profit for the December quarter at Rs 2,944 crore as opposed to Rs 2,605 crore in the year-ago period. HCL Technologies registered 15.5 per cent rise in its revenue at Rs 18,135 crore, compared to Rs 15,699 crore in Q2. The company board has declared a dividend of Rs 2 per share.

The company has also 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. "We continue our stellar performance over the years and have now crossed a revenue run rate of $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, adding that in just two-quarters of its inception, HCL Software had already onboarded 4,600 customers.

"I am pleased that our results continue to validate and reinforce our growth, profitability and investment strategies," Vijayakumar said.

The company said its board of directors had declared an interim dividend of Rs 2 per equity share on the face value of Rs 2 per equity share for FY20.

The company also added 11,502 employees (gross) during the quarter to take its total headcount to 1,49,173 at the end of the December 2019 quarter. Attrition on last 12-month basis stood at 16.8 per cent.

In Q2, HCL's had reported 6.9 per cent YoY growth in consolidated net profit at Rs 2,711 crore. The profit was 21.6 per cent higher compared to Rs 2,230 crore in the March quarter. HCL shares closed at Rs 598.8 on Friday, up marginally from their previous close on the BSE.

Also read: HCL Technologies Q2 profit up 7% at Rs 2,711 crore, raises FY20 revenue guidance to 15-17%

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