HCL Tech Posts Rs 2,651 Crore Profit In September Quarter

Software major HCL Technologies Ltd (HCL) on Wednesday reported a Rs 2,651 crore consolidated net profit for the second quarter (Q2) of fiscal 2019-20, registering a 4.4 per cent annual growth over the same period a year ago..The company had posted a profit after tax (PAT) of Rs 2,540 crore in the July-September quarter of last year..Sequentially, net profit rose 19.4 per cent to Rs 2,651 crore from Rs 2,220 crore a quarter ago..In a regulatory filing on the BSE, the NCR-based IT major said consolidated revenue for the quarter under review grew 17.9 per cent year-on-year (YoY) to Rs 17,528 crore from Rs 14,861 crore in the like period a year ago..Sequentially, revenue grew 6.7 per cent to Rs 17,528 crore from Rs 16,425 crore a quarter ago..Under the International Financial Reporting Standards (IFRS), net income rose 5.5 per cent YoY to $376 million from $357 million a year ago, and 17.7 per cent sequentially from $320 million a quarter ago..Gross revenue grew 18.4 per cent YoY to $2,487 million from $2,099 million, and 5.2 per cent sequentially from $2,364 million a quarter ago..Earnings before interest, tax, depreciation and ammortisation (Ebitda) also grew 17.3 per cent YoY to Rs 4,103 crore from Rs 3,499 crore a year ago, and 20.7 per cent from Rs 3,401 crore a quarter ago..The outsourcing firm expects its consolidated revenue for this fiscal (2019-20) to grow 15-17 per cent YoY.."Though our revenue guidance is based on fiscal 2018-19 average exchange rates, the 15-17 per cent guidance translates into 13.2-15.2 per cent YoY growth in dollar terms as on September 30," the company filing said..Operating margin, or earnings before interest and tax (Ebit), for the fiscal will range between 18.5-19.5 per cent.."A wave of disruption is underway and it is going to define the next era of business and technology landscape. The times are changing and newer ideas and opportunities are evolving," HCL Chairman Shiv Nadar said in a statement..The company acquired 43 new clients during the quarter, including one each under the $100-million and $50 million ranges, six in $5 million and a whopping 34 in the $1 million category..One client was lost in the $10-million range during the second quarter, while three customers were gained in the previous (April-June) quarter.."Our focus on pricing and cost levers over the last 6 months have helped deliver 20 per cent of annual growth in Ebit," HCL Chief Executive C. Vijaykumar said..Like its peers, the company hired 13,430 techies for the quarter, but with 10,207 techies leaving the company, the net addition is 3,223, taking the headcount to 147,123 in second quarter, from 143,900 a quarter ago and 127,675 a year ago.."The quarterly performance validates the resilience of our business model and the business mix. Scaling and transforming employee skills remains a key focus area in line with the company's employee first culture," Chief Financial Officer Prateek Aggarwal said..The company's blue-chip scrip of Rs 2 face value gained Rs 31.20 per share to close on Wednesday at Rs 1,095.65 on the BSE.

HCL Tech Posts Rs 2,651 Crore Profit In September Quarter

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