Home Business HCL Tech Q3 net profit up 6% to 2,194 crores

HCL Tech Q3 net profit up 6% to 2,194 crores

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(G.N.S) Dt. 20
New Delhi
For the reported quarter, HCL Tech’s revenues grew 8.4 % to ₹ 12,808 crore.
HCL Technologies on Friday posted a growth of 6% in consolidated net profit to ₹2,194 crore for the quarter ended December 2017. While the company said it was confident of meeting its revenue forecast for the current financial year, it added that the revenue may come at the lower end of the guidance.
The revenues for the country’s fourth largest IT services firm stood at ₹12,808 crore for the quarter, up 8.4% from the year earlier period.
“(We) intend to close the year within our guided range of revenue and margins, though you may see us deliver revenue at the lower end of our guidance. FY19 also looks promising from the vantage point where we stand today,” said HCL Technologies president and CEO C. Vijayakumar.
The company had in July said it expected the FY18 revenue to grow in 10.5-12.5% in constant currency terms.
“We finished last quarter on a strong note, with a growth of 3.3% sequentially and 11.2% year-on-year in constant currency terms,” he added. In dollar terms, the company’s net profit grew 11.2% to $340.3 million, while revenues rose 13.9% to $1,988 million compared to the year earlier period.
Mr. Vijayakumar said HCL Technologies signed 20 transformational deals across services during the quarter under review. “Our bookings have been the highest this quarter since the last 12 quarters,” he said.
He added that the clients’ IT budgets were expected to be flat or marginally up and “even though there is tax element (from the U.S.), it will take some more time to start reflecting in the budgets.”

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