IT agency HCL Technologies on Friday posted a 13.6 per cent decline in net profit at Rs 3,442 crore in the December quarter but stated it had seen all spherical “stellar performance” across verticals and geographies.
The IT major had registered a net profit of Rs 3,982 crore in the October-December 2020 quarter (as per US GAAP).
Its income grew 15.7 per cent to Rs 22,331 crore in the quarter beneath evaluation. In the year-ago interval, the identical stood at Rs 19,302 crore, HCL Technologies stated in a regulatory submitting.
The profit after tax for the third quarter ended December 2021 was increased by USD 59.4 million (Rs 438 crore) on account of reversal of prior years’ tax provision as a consequence of change in the strategy of calculating a tax deduction, foundation analysis of judicial rulings, the submitting stated.
Excluding the above, on an annual foundation, profit after tax in the newest December quarter was down 4.7 per cent in greenback phrases and decrease by 2.9 per cent in rupee phrases.
On a sequential foundation, net profit was 5.4 per cent increased in the 2021 December quarter from Rs 3,265 crore, and topline was up 8.1 per cent from Rs 20,655 crore in September quarter final yr.
In the third quarter, HCL Technologies recorded a income progress of seven.6 per cent sequentially on a relentless forex foundation, highest in the final 12 years.
Total Contract Value (TCV) of latest deal wins was at USD 2,135 million in the newest December quarter, up 64 per cent year-on-year (y-o-y).
HCL Technologies has maintained its income steerage of double-digit progress in fixed forex for FY22.
“We have delivered all spherical stellar performance this quarter with a income progress of seven.6 per cent in fixed forex quarter-on-quarter, the best recorded in the final 46 quarters,” HCL Technologies CEO and MD C Vijayakumar stated.
The firm’s Products & Platforms section led the expansion with 24.5 per cent, adopted by Engineering and R&D Services with 8.3 per cent and IT and Business Services with 4.7 per cent, all in quarter-on-quarter fixed forex.
“Our future appears brilliant as we had a really robust net new reserving of USD 2.1 billion, a 64 per cent y-o-y improve. We additionally added greater than 10,000 to our worker power this quarter,” he stated.
“I consider we proceed to be in a vantage place to handle sustained demand momentum as our investments on strategic priorities like digital, cloud and engineering capabilities and our expertise improvement plans are exhibiting robust returns,” he emphasised.
The firm has declared a dividend of Rs 10 per share for the third quarter of this fiscal.
At the top of December quarter, HCL had 1,97,777 workers with net addition of 10,143 individuals whereas attrition for IT providers (on the final 12-month foundation) was at 19.8 per cent.
Attrition excludes involuntary attrition and digital course of operations.