HCL Tech's Q1 net profit up 10% to Rs 2,431 cr; consolidated revenues from operations grows 14.2% to Rs 13,878 cr
HCL Technologies has overtaken Wipro -- the third largest Indian IT services firm -- in terms of dollar topline
New Delhi: IT firm HCL Technologies on Friday reported a 10 percent increase in consolidated net profit at Rs 2,431 crore for the first quarter ended 30 June, 2018.
The company had posted a net profit of Rs 2,210 crore in the year-ago period (as per Indian Accounting Standards), HCL Technologies said in a BSE filing.
Its consolidated revenues from operations grew 14.2 percent to Rs 13,878 crore in April-June 2018 as against Rs 12,149 crore in the same quarter of 2017-18.
In dollar terms, the company's net profit increased 5.7 percent to $356 million in the reported quarter, while revenues grew 9 percent to $2.05 billion.
HCL Technologies has overtaken Wipro -- the third largest Indian IT services firm -- in terms of dollar topline. Wipro's IT services revenues stood at $2.02 billion in the June 2018 quarter.
HCL Technologies expects its FY19 revenues to grow between 9.5 percent to 11.5 percent in constant currency.
The company has also announced a Rs 4,000 crore buyback programme for FY19 at a price of Rs 1,100 per equity share.
"We achieved highest ever bookings in this quarter led by our next-gen Infrastructure services as well as Mode 2 offerings. Our combined Mode 2 and 3 offerings contributed 26.6 percent of our revenues and it grew 9.6 percent quarter-on-quarter," HCL Technologies President and CEO C Vijayakumar said.
The company will continue to invest in its next-generation portfolio to help enterprises build their digital future, he added.
During the quarter, the company signed 27 transformational deals during the quarter, led by strong momentum in telecom, financial services, retail - CPG and energy and utilities verticals.
It saw broad-based growth driven by Technology and Services (36 percent), Lifesciences and Healthcare (10.2 percent), Financial Services (9 percent) and Retail and CPG (7 percent) on LTM (last twelve months) constant currency basis.
Total headcount stood at 124,121 at the end of June 2018. The attrition for IT services on LTM basis stood at 16.3 percent. The company has announced a dividend of Rs 2 per share.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
The net profit, however, excluded Rs 1,218 crore-provision towards a legal claim, the company said in a regulatory filing
COVID-19 could result in 2 lakh additional stillbirths globally, warns UN; report blames rising poverty, interruption in health services
Already 20 lakh babies — one every 16 seconds — are stillborn every year, a large majority which occur in low- and middle-income countries where basic neo-natal care could save hundreds of thousands of lives each year, the report said
COVID-19 showed us the importance of access to quality healthcare without financial risks: UN Sec-Gen Antonio Guterres
The failure to adequately respond to the outbreak has claimed more than one million lives and infected over 30 million people in 190 countries.