HCL Tech Q2 net rises 7% to Rs 3,489 cr, firm declares Rs 10 dividend

The company's revenue from operations rose 19.5% to Rs 24,686 crore in Q2FY23

IT services company HCL Technologies on Wednesday posted a 7 per cent year-on-year rise in consolidated net profit to Rs 3,489 crore for the September quarter and raised the full-year revenue guidance.

The net profit stood at Rs 3,259 crore in the year-ago period.

The revenue for the three months ended September 30, 2022, came in at Rs 24,686 crore, 19.5 per cent higher than the same period the previous year.

The board has also declared an interim dividend of Rs 10 per equity share for the financial year 2022-23.

The company has increased its full-year revenue guidance to 13.5-14.5 per cent year-on-year in constant currency terms, according to the company statement. The company has earlier projected 12-14 per cent growth in revenue for the full year.

HCL Tech CEO C Vijayakumar said that the company's bookings and pipeline continue to be very strong which augurs well for our future growth. 

“HCLTech has delivered yet another solid performance this quarter with revenue growing at 3.8% QoQ and 15.8% YoY in constant currency and EBIT at 18% up 93 bps QoQ. Our services business grew 5.3% QoQ and 18.9% YoY in constant currency, led by strong demand for Cloud, Engineering and Digital services. This is a validation of the strategic choices we made and the effectiveness of our operational framework. Our bookings and pipeline continue to be very strong, that augurs well for our future growth, said Vijayakumar.

On Wednesday, the firm's stock on BSE closed 1.5% higher at Rs 953.