HCL Tech Q4 results better than expectations: Net profit up 22.8% at Rs 3,154 cr, announces dividend of Rs 2

HCL Tech's revenue grew 16.3 percent to Rs 18,590 crore in the quarter under review, from Rs 15,990 crore in the corresponding quarter last year, as per US GAAP

Press Trust of India May 07, 2020 10:52:06 IST
HCL Tech Q4 results better than expectations: Net profit up 22.8% at Rs 3,154 cr, announces dividend of Rs 2

New Delhi: IT firm HCL Technologies on Thursday posted 22.8 percent rise in consolidated net profit at Rs 3,154 crore for the March quarter driven by strong growth across verticals.

The IT major had registered a net profit of Rs 2,568 crore in the January-March 2019 quarter, HCL said in a regulatory filing.

Its revenue grew 16.3 percent to Rs 18,590 crore in the quarter under review, from Rs 15,990 crore in the corresponding quarter last year, as per US GAAP.

For FY'20, HCL Tech''s consolidated net profit increased 9.3 percent to Rs 11,062 crore, while revenue grew 17 percent to Rs 70,678 crore from the previous financial year.

Like its peers, Infosys and Wipro, HCL Technologies has refrained from offering a revenue guidance amid uncertainties on account of COVID-19 pandemic.

HCL Technologies had forecast its topline in FY'20 to grow between 16.5-17 percent in constant currency terms.

HCL Tech Q4 results better than expectations Net profit up 228 at Rs 3154 cr announces dividend of Rs 2

Representational image. Reuters

The company's revenue growth in constant currency was at 16.7 percent -- in line with its outlook.

"FY'20 has been a landmark year, where we witnessed our highest growth in recent years and an industry leading performance for the fourth consecutive year. Our focused ''Mode 1-2-3 strategy'' helped deliver an all-round growth across service lines, verticals and geographies and enabled us to deliver at the top-end of our revenue guidance and exceed the top-end of our margin guidance for the year," HCL Technologies President and CEO C Vijayakumar said.

Looking ahead, the company is confident that its capabilities, balanced portfolio, strong client relationships and financial strength will help navigate this ongoing crisis and emerge stronger, he added.

During the fiscal, HCL Tech signed 53 transformational deals.

At the end of March 2020 quarter, HCL had 1,50,423 employees with the addition of 1,250 people in the fourth quarter. Its attrition (on last 12 month basis) was at 16.3 percent.

HCL Tech said, of the total number of HCL's global employees, presently 96 percent are working from home and another 2.5 percent are working from offices.

The company said it has proposed a final dividend of Rs 2 per share on double the number of shares post 1:1 bonus issue.

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