HCL profitability rises 226%

Indian based HCL Technologies, a leading global technology company, which also operates in Sri Lanka said its consolidated net profits for the quarter ending March stood at Rs 3,593 crore, up 226% from Rs 1,102 crore in the same quarter last year.

The company said its revenue from operations for the quarter came in at Rs 22,597 crore, up 15.05% from Rs 19,641 crore in the year-ago quarter.

The company’s Ebitda (earnings before interest, tax, depreciation and amortisation) fell 4.2% to Rs 5,053 crore in the quarter, from Rs 5,276 crore a year ago.

The board of the company has also declared an interim dividend of Rs 18 per equity share for fiscal 2022-23.

In its FY23 guidance, HCL said it expects revenue to grow between 12% and 14% in constant currency terms.

On April 11, TCS announced an increase of 7.4% in net profit for the March quarter. Consolidated net profit for the January-March quarter came in at Rs 9,926 crore, revenue at Rs 50,591 crore, up 15.8% on-year.

Analysts had expected TCS to report year-on-year revenue growth in the range of 11-16% and profit growth of 8-9%.

Two days later, Infosys said its consolidated net profit rose 12% year-on-year to Rs 5,686 crore in the March quarter. The company reported a 29.8% on-year rise in consolidated revenues at Rs 32,276 crore. This was higher than street estimates as year-on-year revenue growth was seen in the range of 22.5-25%. But profit growth fell short of the expected 15-19.5% year-on-year.

HCL opened its new facility at Cinnamon Life complex last year and continues to expand and grow in Sri Lanka. This new facility will be its largest in the country, accommodating 4,000 employees.