- ByStartupStory | April 27, 2024
India’s third-largest IT services firm, HCL Technologies, announced its financial results for the fourth quarter of the fiscal year 2023-24. The company reported flat year-on-year growth in net profit despite a 7.11% rise in revenue.
HCL Technologies’ consolidated net profit for the quarter ended March 31, 2024, stood at Rs 3,986 crore, reflecting minimal growth compared to the same period last year. Sequentially, the net profit declined by 8.4% from Rs 4,350 crore in the preceding quarter . However, the company saw a 7.11% increase in revenue, with total revenue from operations reaching Rs 28,499 crore for the quarter .
The pre-tax profit (EBIT) for the quarter was Rs 5,018 crore, representing a 10.6% decline quarter-on-quarter but a 3.8% increase compared to the previous year . Despite these figures, HCL Technologies remains optimistic about future growth, providing a guidance of 3-5% growth in revenue for FY25 in constant currency terms and targeting an EBIT margin of 18-19% .
CEO and Managing Director of HCL Technologies, C Vijayakumar, commented on the company’s performance, stating, “As we look ahead, global enterprise technology spend will only grow with adoption of AI. HCLTech is positioned to capitalise with its AI-led propositions, global delivery model and ideal mix of technology services and products” .
HCLTech also announced the appointment of Lee Fang Chew as an Independent Director of the company, effective from April 25. Furthermore, the board declared an interim dividend of Rs 18 per equity share for FY25, with the payment date set for May 15, 2024 .
In trading on Friday, HCL Technologies’ stock closed at Rs 1,472.30 apiece on the BSE, reflecting a decrease of 2.08% .
The overall fiscal year 2023-24 saw HCL Technologies report a 5.73% rise in net profit to Rs 15,702 crore and an 8.33% increase in revenue to Rs 109,913 crore compared to the previous fiscal year .
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