HCL Tech Q1 Results: Attrition declines to 16.3%, over 1,500 freshers onboarded in June quarter

livemint.com:

HCL Tech said. “Continuing its tradition of ideapreneurship and a culture of innovation, in Q1 FY24 a total of 21 patents were filed and granted (10 filings, 11 grants)," it added. The net profit of HCL Tech in Q1FY24 has missed street expectations as it rose by 7.65% year-on-year to ₹3,534 crore.

The company has also declared an interim dividend of ₹10 per share. Segment-wise HCL Technologies witnessed a significant increase in its IT and business services revenue during Q1FY24, reaching ₹19,642 crore, which represents a year-on-year growth of 15.06%. On the other hand, the revenue from engineering and R&D services experienced a single-digit growth of 3.66% YoY, amounting to ₹4,047 crore.

Additionally, the revenue generated by HCL Software showed a 4.7% YoY increase. "In Q1 FY 24, our revenue and people strength sequentially moderated in line with the demand environment. We delivered a 6.3% YoY growth in Constant Currency at the company level and 7.1% YoY CC for the Services business.

We experienced double-digit YoY growth, in our largest verticals - Financial Services, Manufacturing, and Life Sciences and Healthcare fueled by large deals. These large deals helped offset cuts in client discretionary spending in these verticals. We are expecting other verticals to pick up as well shortly.