HCL Tech Q3 Results: Net profit rises 6% YoY to Rs 4,350 crore, beats estimates
HCL Tech on Friday reported that its consolidated net profit rose 6% year-on-year to Rs 4,350 crore for the quarter ended December 2023. It was Rs 4,096 crore in the year-ago period.
An ET NOW poll of analysts had anticipated the profit figure at Rs 4,096 crore.
Revenue from operations also increased 6% in the said period to Rs 28,446 crore.
The Board of Directors has declared an interim dividend of Rs 12 per equity share and fixed January 20 as the record date for the same. The payment date of the said interim dividend will be January 31.
HCL Tech expects its constant currency (CC) revenue growth to be around 5-5.5% in the fiscal year 2024, while EBIT margin is estimated between 18 and 19%.
Consolidated EBIT jumped 7% year-on-year to Rs 5,615 crore in the quarter under review.
In CC terms, revenue was up 4% year-on-year in the third quarter and revenue growth in dollar value stood at 5% YoY.
The services segment constant currency revenue growth came in at 4% year-on-year, led by growth in telecommunications, media, publishing and entertainment. The services revenue crossed annual run rate of $12 billion.
The digital revenue rose 5% year-on-year in the October-December period.
HCL Tech has bagged new deal wins worth $1.9 billion in the third quarter, including 18 large ones.
Operating margin for the quarter under review stood at 19.8%, up 16 bps year-on-year and 126 bps quarter-on-quarter.
«Our results this quarter have been remarkably strong, driven by momentum in both services and software businesses.
