HCL Tech Q1 results: Consolidated net profit rises by 7.7% YoY to ₹3,534 crore in Q1; declares dividend

livemint.com:

HCL Tech Q1 results: HCL Technologies earned a consolidated net profit of ₹3,534 crore, which is attributable to shareholders, in the first quarter of FY24, rising by 7.65% year-on-year. The tech player missed street estimates across parameters. A year ago, the company's PAT stood at ₹3,283 crore in the same quarter.

The company has also declared an interim dividend of ₹10 per share. However, HCL Tech's profit after tax (PAT) declined by 11.27% in Q1FY24 as against a profit of ₹3,983 crore recorded in the preceding quarter. A similar pattern was seen in the top-line front.

Consolidated revenue from operations jumped by 12.06% to ₹26,296 crore in Q1FY24, as against ₹23,464 crore in Q1 of FY23. However, revenue dipped marginally by 1.2% on a sequential basis. 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% YoY.

While engineering and R&D services revenue saw a single-digit growth of 3.66% YoY to ₹4,047 crore, and HCL Software revenue climbed by 4.7% YoY. In a board meeting held on Wednesday, the company's board of directors declared an interim dividend of ₹10 per share having a face value of ₹2 each for the financial year FY24. The record date to determine eligible shareholders for the dividend benefits is fixed on July 20, 2023.

While the payment date for the said interim dividend is scheduled on August 1, 2023. HCL Tech shares will react to the Q1 results on Thursday. Meanwhile, the stock ended at ₹1110.05 apiece, marginally down by 0.42% on BSE during Wednesday's trading session.