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HCL Tech Q2 net profit up 16.7% at Rs 2,014 crore

IT services firm HCL Technologies today reported a 16.7 percent increase in net profit at Rs 2,014 crore for the quarter ended September 2016.


HCL Tech Q2 net profit up 16.7% at Rs 2,014 crore

New Delhi: IT services firm HCL Technologies on Friday reported a 16.7 percent increase in net profit at Rs 2,014 crore for the quarter ended September 2016.

The Noida-based firm had posted a net profit of Rs 1,726 crore in the corresponding quarter of the last fiscal, HCL Technologies said in a statement.

Its revenues for the reported quarter were up 14.1 percent to Rs 11,519 crore, from Rs 10,097 crore in the year-ago period, as per US GAAP accounting norms.

However, on a sequential basis, the company's net profit was lower by 1.6 percent from Rs 2,047 crore in April-June 2016 while revenue grew 1.6 percent from Rs 11,336 crore.

The company maintained its revenue growth guidance for 2016-17 at 12-14 percent on constant currency basis.

In constant currency terms, HCL Tech's revenues were up 12.8 percent year-on-year.

In dollar terms, the company's net profit grew 14.2 percent to USD 301.2 million while revenues rose 11.5 percent to USD 1.72 billion compared with the year-ago period.

"HCL continues to be the partner of choice for the 21 Century Enterprise through our differentiated strategy encompassing core services, integrated next-generation offerings and platforms, in line with our Mode 1-2-3 growth strategy," HCL Technologies President and CEO C Vijayakumar said.

This has helped deliver a strong growth of 2.8 percent quarter-on-quarter and 12.8 percent on-year this quarter in constant currency on the back of strong first quarter (of 2016-17) performance in constant currency, he added.

The company has announced a dividend of Rs 6 per share.

During the quarter, HCL Technologies added 9,083 people (gross), taking the total headcount to 1,09,795 as on September 30, 2016. Attrition in IT services (last 12-month basis) in the reported quarter stood at 18.6 percent.

HCL signed 12 transformational deals this quarter, across service lines and industry verticals.

The company's cash and cash equivalents stood at Rs 1,242.8 crore at the end of September 30, 2016.

From Zee News

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