HCL Tech Q1 Net Profit Jumps 2.4% At Rs 3,283 Crore

IT services company HCL Technologies on Tuesday reported a 2.4 per cent year-on-year increase in its net profit for the three months ended June 2022 at Rs 3,283 crore.

The revenue came in at Rs 23,464 crore, which was nearly 17 per cent higher than the year-ago period.

In its FY23 guidance, the company said revenue is expected to grow between 12-14 per cent in constant currency terms.

"As technology becomes central to lives and businesses, HCL is accelerating the digital transformation journeys of its clients. We continue to pursue our growth strategy with a sense of purpose and responsibility toward our stakeholders and communities," Roshni Nadar Malhotra, chairperson of HCL Technologies Ltd, said in a statement.

HCL Technologies CEO and Managing Director C Vijayakumar noted that the company has started FY23 on a "strong note" with an overall growth of 2.7 per cent quarter on quarter (QoQ) and 15.6 per cent year on year (YoY) in constant currency.

"Our services business continues to have robust growth momentum, growing at 2.3 per cent QoQ and 19 per cent YoY in constant currency, driven by our digital engineering and digital application services with cloud adoption being a horizontal theme across all services and verticals," Vijayakumar added.

HCL Tech's board has declared an interim dividend of Rs 10 per equity share of Rs 2 each for the financial year 2022-23.