HCL Tech profit jumps 226% yoy to Rs. 3,593 crore

HCL Technologies India on Thursday 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, on 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 entered Sri Lanka in 2020 with the aim to make it a global technology and IT services delivery hub for some of the largest corporations in the world.