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April 27, 2024

HCLTech Reports Steady Q4 Performance: Net Profit Flat at Rs 3,995 Crore, Revenue Up 7%

HCL Technologies, a leading IT services firm, announced its consolidated financial results for the fourth quarter of the fiscal year 2023-24, with a net profit of Rs 3,995 crore. The company’s performance remained steady with a marginal increase of 0.35% compared to the year-ago period when it reported Rs 3,981 crore in net profit. However, there was a sequential decline of 19.3% from the previous quarter, where the net profit stood at Rs 4,951 crore.

In terms of revenue, HCLTech recorded a consolidated revenue from operations of Rs 28,499 crore, marking a 7.1% increase year-on-year from Rs 26,606 crore. On a quarterly basis, revenue slightly rose by 0.19% from Rs 28,446 crore. The total income of the company for the quarter was Rs 28,915 crore, showing a 6.86% increase from the same period last year. Sequentially, there was a marginal rise of 0.34% from Rs 28,816 crore.

HCLTech noted a significant improvement in its last-twelve-month (LTM) attrition, which decreased to 12.4% from 19.5% in the previous quarter. For the entire fiscal year 2023-24, the company reported a net profit of Rs 15,710 crore, up by 5.8% from Rs 14,845 crore in the previous fiscal year. The revenue from operations for FY24 reached Rs 1,09,913 crore, showing an 8.3% increase from Rs 1,01,456 crore in FY23. Similarly, the total income also grew by 8.3% to Rs 1,11,408 crore year-on-year from Rs 1,02,814 crore.

Looking ahead to the fiscal year 2024-25, HCLTech expects its constant currency (CC) revenue and services revenue growth to be in the range of 3-5% year-on-year. The company also anticipates its Earnings Before Interest and Taxes (EBIT) margin to be between 18-19%. Additionally, the board of directors has declared an interim dividend of Rs 18 per equity share of Rs 2 each for the financial year 2024-25.

Shares of HCL Technologies closed trading at Rs 1,472.30 ahead of the announcement of the Q4 FY24 results, reflecting market anticipation and confidence in the company’s performance.

Jhumpa Lahiri

Jhumpa Lahiri

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