HCL Tech Q1 Results: 5 key highlights from the IT major's June quarter scorecard
HCL Technologies were muted, broadly missing Street estimates. India’s third largest IT services firm reported 7.6 per cent year-on-year growth in consolidated net profit in the first quarter of fiscal 2024 ended on June 30, 2023. The IT major's profit after tax (PAT) declined by 11.27 per cent in Q1FY24 as against a profit of ₹3,983 crore recorded in the preceding March quarter of fiscal 2022-23.
In the June quarter, HCL Tech's revenue and people strength sequentially moderated in line with the demand environment. The firm's rupee revenue for the quarter came in at ₹26,296 crore compared to ₹26,606 crore in the March quarter. The dollar revenue for the company was at $3,200 million as against $3,235 million quarter-on-quarter.
Catch all live updates of HCL Tech Q1 Results here "HCL Tech continues to be a partner of choice for global enterprises and is well placed to leverage opportunities in emerging areas such as AI and allied technologies despite the challenging global macro environment," said Roshni Nadar Malhotra, Chairperson at HCL Tech. Let's take a look at the key highlights of HCL Tech's Q1FY24 scorecard: The company's consolidated revenue from operations jumped by 12.06 per cent to ₹26,296 crore in Q1FY24, as against ₹23,464 crore in Q1 of FY23. However, revenue dipped marginally by 1.2 per cent on a sequential basis.
HCL Tech's EBIT, or earnings before interest and tax, a key metric of profitability, came in at ₹4,438 crore as against ₹4,836 crore in the previous quarter. In regards to segment-wise performance, HCL Tech's IT and business services revenue stood at ₹19,642 crore in Q1FY24, up by 15.06 per cent YoY. While engineering and R&D services revenue saw a single-digit growth of 3.66 per cent YoY to
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