HCLTech Q1 Results 2023: HCL Technologies Ltd. on Wednesday declared Rs. 3,534 crore net profit in Q1 for the financial year 2023-24 along with an interim dividend of Rs10/share. India’s third largest IT services company announced a 7.6 percent year-on-year increase in net profit for the first quarter which ended on June 30.
However, compared to the previous quarter, the net profit decreased by 11.2 percent due to reductions in deals and sectors such as Hi-tech and telecom.
In terms of consolidated revenue, the company experienced a 12 percent year-on-year growth, amounting to Rs 26,296 crore for the quarter, in comparison to Rs 23,464 crore in Q1FY23.
C Vijayakumar, CEO and MD, HCLTech, said, “In Q1FY24 our revenue and people strength sequentially moderated in line with the demand environment. We delivered a 6.3% YoY growth in Constant Currency at company level and 7.1% YoY CC for the Services business. We experienced double-digit YoY growth, in our largest verticals- Financial Services, Manufacturing and Life Sciences and Healthcare fueled by large deals. These large deals helped offset cuts in client discretionary spend in these verticals. We are expecting other verticals to pick up as well shortly. This combined with the strength of our record-high pipeline enables us to maintain our guidance for the year.”
HCLTech Dividend
The board of directors declared an interim dividend of Rs.10/- per equity share of Rs.2/- each of the company for the Financial Year 2023-24.
The record date of July 20, 2023 fixed for the payment of the aforesaid interim dividend has been confirmed by the board of directors. The payment date of the said interim dividend shall be August 1, 2023.
According to brokerages, HCLTech’s Q1FY24 net sales were likely to increase by just 0.6 per cent QoQ to Rs 26,756 crore, its net profit might fall 4.3 per cent QoQ to Rs 3,812 crore.
HCLTech closed the day’s trading at a price of Rs 1108.3, a minor decrease of 0.59% from the day before.
Also Read: TCS Q1 Results: Net Profit Rises 16.8% To Rs 11,074 Crore, Revenue Up 13%; Dividend Declared
In the last quarter of 2022-23, the IT major reported a 10.61 per cent jump in its consolidated net profit to Rs 3,981 crore for the quarter ended March 2023, compared with Rs 3,599 crore a year ago. Its revenue from operations during January-March 2023 (Q4 FY23) jumped 17.74 per cent to Rs 26,606 crore, against Rs 22,597 crore in the year-ago period.
HCL Tech had also declared an interim dividend of Rs 18 per equity share for 2023-24.
It had added 3,674 employees in the fourth quarter ended March 31, 2023.
The Q4 attrition rate for the quarter stood at 19.5 per cent on last twelve months (LTM) basis, decreasing significantly from 21.7 per cent in the previous quarter and 21.9 per cent in the same quarter last year.
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