Business Update HCL Tech’s net profit fell 13.6% to Rs. 3,442 crore TOU

Business Update  HCL Tech’s net profit fell 13.6% to Rs.  3,442 crore

 TOU

HCL Tech’s net profit fell 13.6% to Rs. 3,442 crore

PTI

New Delhi, 14 January

IT firm HCL Technology on Friday reported a 13.6 per cent decline in net profit for the December quarter to Rs. 3,442 crore but said it has seen overall “stellar performance” in verticals and geographies.

In the October-December 2020 quarter (according to US GAAP) 3,982 crore net profit.

Its revenue rose 15.7 per cent to Rs. 22,331 crore. In the same period a year ago, the same Rs. 19,302 crore, HCL Technologies said in a regulatory filing.

Changes in the method of calculation of tax deductions, assessment based on judicial judgments, stated in the filing.

Excluding the above, on an annual basis, after-tax profit in the most recent December quarter was 4.7 per cent lower in dollar terms and 2.9 per cent lower in rupee terms.

On a gradual basis, net profit for the December 2021 quarter stood at Rs. 3,265 crore, up 5.4 per cent from Rs 3,265 crore in the same quarter last year. 20,655 crore, an increase of 8.1 per cent.

In the third quarter, HCL Technologies reported revenue growth of 7.6 per cent on a continuous currency basis, the highest in 12 years.

The total contract value (TCV) of the New Deal win was USD 2,135 million in the most recent December quarter, an increase of 64% year-on-year.

HCL Technologies has maintained its earnings guidance of double-digit growth in the currency for FY22.

HCL Technologies CEO and MD C Vijayakumar said, “We have consistently outperformed the currency in this quarter with a consistent revenue growth of 7.6 per cent, the highest recorded in the last 46 quarters.”

The company’s products and platforms segment led the growth with 24.5 per cent, followed by engineering and R&D services with 8.3 per cent and IT and business services with 4.7 per cent, all quarterly-quarterly.

“Our future looks bright because we had a very strong net booking of USD 2.1 billion, an increase of 64% year-on-year. We’ve added more than 10,000 employees this quarter, “he said.

“I believe we are in a favorable position to address the ongoing demand momentum as our investments on strategic priorities such as digital, cloud and engineering capabilities and our talent development plans show strong returns,” he stressed.

The company has raised Rs. Has declared a dividend of Rs.

At the end of the December quarter, HCL had 1,97,777 employees with a net addition of 10,143 while attrition for IT services (based on last 12-months) was 19.8 percent.

Attrition does not include involuntary attrition and digital processing operations.

if you want to read this article from the original credit source of the article then you can read from here

.