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HCL Tech Q1 Net Grows 6.1% to Rs 2,171 Crore; Shares Rise Over 3 Percent

The company had posted a net profit of Rs 2,047 crore in the year-ago period, HCL Technologies said in a BSE filing.

PTI

Updated:July 27, 2017, 9:53 AM IST
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HCL Tech Q1 Net Grows 6.1% to Rs 2,171 Crore; Shares Rise Over 3 Percent
People walk in front of the HCL Technologies Ltd (REUTERS)
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New Delhi: India's fourth-largest software services exporter HCL Technologies on Thursday reported 6.1 per cent increase in consolidated net profit at Rs 2,171 crore for the first quarter ended on June 30, 2017.

The company had posted a net profit of Rs 2,047 crore in the year-ago period, HCL Technologies said in a BSE filing.

Consolidated revenues grew 7.2 per cent to Rs 12,149 crore in April-June 2017 as against Rs 11,336 crore in the same quarter of 2016-17.

Shares of the company rose by over 3 per cent to Rs 918.90 in early trade on BSE after the results.

In dollar terms, the company's net profit increased 10.3 per cent to USD 336.7 million in the reported quarter, while revenues grew 11.4 per cent to USD 1.88 billion.

HCL Technologies maintained its revenue growth guidance of between 10.5-12.5 per cent in constant currency terms.

"We continue to propel forward on our Mode 123 growth strategy, delivering a revenue growth of 2.6 per cent quarter-on-quarter and 12.2 per cent year-on-year in constant currency terms in Q1 FY2018," HCL Technologies President and CEO C Vijayakumar said.

This quarter, HCL Technologies also expanded EBIT margins from 20 per cent to 20.1 per cent, through continued superior execution in core business, integration and assimilation of the acquired entities, as well as IP investments, he added.

HCL Technologies CFO Anil Chanana said the share buyback of Rs 3,500 crore was successfully concluded during the quarter.

"...together with the dividend per share of Rs 2 this quarter, is demonstrative of our balanced capital allocation focus," he added.

HCL Tech reported broad-based growth across all revenue segments with the Americas and Europe growing by 16.9 per cent and 0.3 per cent, respectively, year-on-year.

Financial services grew at 19.2 per cent, manufacturing at 17.1 per cent, life sciences and healthcare at 10.6 per cent, public services at 6.4 per cent, retail and CPG at 7.1 per cent.

However, telecommunications, media, publishing and entertainment posted 2.7 per cent y-o-y decline in constant currency.

For the June quarter, HCL Technologies had cash and cash equivalents of Rs 1,226 crore.

During the quarter, 13 transformational deals were signed across service lines, industry verticals and geographies.

Total headcount stood at 117,781 at the end of June 2017, with a gross addition of 9,462 people.

The attrition for IT services on LTM (last twelve months) basis stood at 16.2 per cent. The company has announced a dividend of Rs 2 per share.
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