HCL Technologies Profit Declines 8% To Rs 2,931 Crore In June Quarter

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HCL Technologies Profit Declines 8% To Rs 2,931 Crore In June Quarter

HCL Tech has guided for revenue to increase in range of 1.5-2.5% over next three quarters.

HCL Technologies on Friday reported 7.59 per cent sequential decline in net profit to Rs 2,931 crore in quarter ended June 30. Its revenue from operations declined 4 per cent to Rs 17,842 crore from Rs 18,587 crore in March quarter. HCL Technologies revenue in constant currency term fell 7.2 per cent sequentially. In dollar terms, HCL Technologies revenue fell 7.44 per cent to $2,356 million. The company’s operating profit margin came in at 25.6 per cent..

The country’s third largest IT company has guided for revenue to increase in range of 1.5-2.5 per cent sequentially over the next three quarters while operating margin is expected to be between 19.5-20.5 per cent for the current financial year.

“In Q1 FY21, HCL signed 11 new transformational deals, led by key industry verticals including telecommunication, financial services, manufacturing, life sciences and healthcare,” the Noida-based information technology said in a stock exchange filing.

“HCL Software completed one year of operations after the $1.8 billion acquisition of select IBM products in FY’20. Over the last 12 months, it completed over 16,500 sales transactions across 11,000 unique customers and onboarded more than 2,400 partners,” HCL Technologies added.

The company increased localization in US and it stood at 67.8 per cent.

Meanwhile, HCL Technologies board declared an interim dividend of Rs 2 per equity share for the current financial year.

“We are living in unprecedented times where organizations and people across geographies are dealing with challenges related to the pandemic. However, this has also pushed businesses to accept the pandemic as a catalyst for change and look at building agility and resilience into every level of their organization. HCL, along with its partners, is helping customers embrace digital transformation and innovation to emerge stronger in this new normal. I am confident that, with decisive action leveraging digital momentum and sustainable business practices, we will together emerge as stronger entities,” Shiv Nadar, Managing Director and Chief Strategy Officer, HCL Technologies said in a statement.

As of 1:16 pm, HCL Technologies traded 0.55 per cent higher at Rs 631 in line with the Sensex which was up 0.5 per cent.

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