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.
