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HCL Technologies Q3 net profit up 31% to Rs 3,982 crore, revises Q4 revenue growth forecast

HCL Tech Q3 results 2021: On a sequential basis, net profit was 26.7 per cent higher from Rs 3,142 crore, while topline was higher by 3.8 per cent from Rs 18,594 crore in September 2020 quarter.

By: PTI | New Delhi |
Updated: January 15, 2021 10:15:48 am
The HCL Technologies LTD. Jigani campus stands deserted in Bengaluru, India, on Wednesday, May 27, 2020. (Photographer: Samyukta Lakshmi/Bloomberg)

IT firm HCL Technologies on Friday posted 31.1 per cent rise in net profit at Rs 3,982 crore for the December 2020 quarter.

The IT major had registered a net profit of Rs 3,037 crore in the October-December 2019 quarter (as per US GAAP), HCL Technologies said in a regulatory filing.

Its revenue grew 6.4 per cent to Rs 19,302 crore in the quarter under review, from Rs 18,135 crore in the corresponding quarter last year.

On a sequential basis, net profit was 26.7 per cent higher from Rs 3,142 crore, while topline was higher by 3.8 per cent from Rs 18,594 crore in September 2020 quarter.

In the third quarter, HCL Technologies recorded revenue growth at 3.5 per cent quarter-on-quarter in constant currency – higher than its estimate of 1.5-2.5 per cent sequential rise.

HCL Technologies has revised its sequential revenue growth guidance to 2-3 per cent in constant currency for the fourth quarter. Previously, the company had given a guidance of an average of 1.5-2.5 per cent increase quarter-on-quarter in constant currency for the third and fourth quarter.

“We posted a strong financial performance in Q3 FY’21 with a constant currency revenue growth of 3.5 per cent sequentially and 1.1 per cent year-on-year and an EBIT of 22.9 per cent. This solid performance was driven by a robust momentum in our Mode 2 and Mode 3 businesses led by Digital, Cloud and Products & Platform segments,” HCL Technologies President and CEO C Vijayakumar said.

The results reflect the success of the strategic investments the company has made over the years including unique ecosystem constructs with all Cloud Hyperscalers, organic and inorganic investments in a broad-based IP and Platforms portfolio and an enterprise digital transformation value proposition that is truly integrated and differentiated.

The Board of Directors has declared an interim dividend of Rs 4 per equity share for the financial year 2020-21.

HCL Technologies’ revenue has crossed USD 10 billion milestone in CY20, delivering 3.6 per cent year-on-year growth in constant currency.

During the quarter, HCL Technologies signed 13 transformational deals. At the end of December 2020 quarter, HCL had 1,59,682 employees with net addition of 6,597 people, while attrition for IT services (on a last 12 month basis) was at 10.2 per cent.

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