HCLTech’s first quarter net drops 10% YoY to Rs 3,843 crore, revenue up 8%

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HCLTech trailed market estimates with a 9.7% year-on-year decline in quarterly net profit due to higher costs and the one-time impact of a client’s bankruptcy. Profit fell 10.8% sequentially.

India’s third-largest software services company reported a net profit of Rs 3,843 crore in the three months ended June, historically a soft quarter for the software business. Margins fell 16.3% during the quarter amid lower employee utilisation “due to delay in implementation and ramp-down of a specific program, which resulted in a larger bench.”

“We…



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HCLTech’s first quarter net drops 10% YoY to Rs 3,843 crore, revenue up 8%



HCLTech trailed market estimates with a 9.7% year-on-year decline in quarterly net profit due to higher costs and the one-time impact of a client’s bankruptcy. Profit fell 10.8% sequentially.

India’s third-largest software services company reported a net profit of Rs 3,843 crore in the three months ended June, historically a soft quarter for the software business. Margins fell 16.3% during the quarter amid lower employee utilisation “due to delay in implementation and ramp-down of a specific program, which resulted in a larger bench.”

“We…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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