HCL Tech Q2 net profit up 6.9% to Rs 2,711 cr, revenue up 18% to Rs 17,527 cr; company announces bonus shares

New Delhi: IT major HCL Technologies on Wednesday posted a 6.9 percent rise in its consolidated net profit to Rs 2,711 crore for the September 2019 quarter, and raised its revenue growth forecast to 17 percent for 2019-20. The company, which had registered a net profit of Rs 2,534 crore in the year-ago period as per the Indian Accounting Standards (IndAS), has also announced a bonus share offer. Its revenue from operations grew 18 percent to Rs 17,527 crore in the quarter under review, from Rs 14,860 crore in the year-ago period. The company has raised its revenue growth outlook to 15-17 percent for 2019-20 from its previous forecast of 14-16 percent topline growth in constant currency terms. [caption id=“attachment_2475810” align=“alignleft” width=“380”] HCL Tech office in Noida. Reuters.[/caption] HCL Technologies’ board has declared a dividend of Rs 2 per share. It has also announced a bonus share offer under which one bonus share will be given for every share held. The proposal is subject to the approval of shareholders and regulatory nods. “HCLites have delivered yet another outstanding quarter with a 20.5 percent year-on-year growth, translating to a more than 14 percent industry-leading organic growth. Our sharp focus on pricing and cost levers over the last 6 months have helped deliver a solid EBIT (earnings before interest and tax) of 20 percent,” said C Vijayakumar, president and chief executive officer, HCL Technologies. He added that the company is excited about the progress it has made in its newly formed HCL Software business and expressed confidence that this momentum - combined with its diversified portfolio of services and software - will deliver value to clients, our shareholders and employees. In dollar terms, the net profit grew 5.5 percent to $376.2 million for the September 2019 quarter, while revenue surged by 18.4 percent to $2.48 billion as compared to the year-ago period, as per the US Generally Accepted Accounting Principles (GAAP). The company added 13,430 people (gross) and 3,223 staff (net) during the quarter to take its total headcount to 1,47,123 at the end of the September 2019 quarter. Attrition on last 12-month basis stood at 16.9 percent. The results were announced after trading hours. Shares of the company on Wednesday closed at Rs 1,095.65 apiece, up 2.93 percent from its previous close on the BSE.