HCL Tech Profit Rises 7% To ₹ 3,143 Crore In September Quarter

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HCL Technologies on Friday reported a net profit of Rs 3,143 crore in the quarter ended September 30, marking an increase of 7.23 per cent compared to the April-June period. In a regulatory filing, HCL Tech – the country’s third largest IT company by market capitalisation – said its revenue came in at ₹ 18,594 crore in the second quarter of current financial year, up 4.21 per cent sequentially. Shares in Noida-based HCL Tech fell as much as 4.47 per cent to ₹ 821 apiece on the BSE, soon after opening higher at Rs 865 compared to their previous close of ₹ 859.45.

HCL Tech retained its revenue guidance at an average of 1.5-2.5 per cent (quarter-on-quarter) in constant currency terms for the final two quarters of 2020-21. The company’s board approved a dividend of ₹ 4 per share.

The IT major said revenue from its  IT and business services operations grew 5.12 per cent to ₹ 13,162 crore in the July-September period compared to the previous quarter, and that from its engineering and R&D services segment rose to ₹ 2,922 crore from ₹ 2,861 crore. 

“This growth momentum was driven by our continued leadership in digital transformation and Cloud businesses and a strong stability in the products and platforms segment, all of which continue to open diverse growth avenues for us,” said C Vijayakumar, president and CEO, HCL Technologies.

Revenue from the company’s products and platforms business increased 2.03 per cent to ₹ 2,510 crore, according to the filing.

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