HCL Tech Q4 net slips 9.8% to Rs 2,230 cr

IT firm HCL Technologies today posted a 9.8 per cent decline in consolidated net profit at Rs 2,230 crore for the quarter ended March 2018 compared to the year-ago period.

The country's fourth largest software services firm had registered a net profit of Rs 2,474 crore in the January-March 2017 quarter as per Indian Accounting Standards (Ind AS), HCL said in a BSE filing.

The company's total income was up 2.2 per cent to Rs 13,480 crore in the quarter under review from Rs 13,183 crore in the corresponding quarter last year, it added.

For 2017-18, net profit was up 1.3 per cent to Rs 8,722 crore, while total income grew by 6.4 per cent to Rs 51,786 crore from the previous financial year.

HCL Technologies expects its revenues to grow between 9.5-11.5 per cent on constant currency basis in the fiscal 2018-19.

"We conclude the fourth quarter and the financial year 2018 with an industry-leading performance backed by broadbased growth across verticals, robust client additions and accelerated revenues from mode 2 and 3 services," HCL Technologies President and CEO C Vijayakumar said.

He added that the company remains confident of the new fiscal in light of the increasing relevance of the business offerings coupled with strategic investments in technologies of the future.

During the quarter, HCL signed 15 transformational deals, led by verticals of financial services, manufacturing, public services, lifesciences and healthcare.

At the end of March 2018, HCL had 1.2 lakh employees with a gross addition of 8,476 people. Its attrition for IT services (on last 12 month basis) was at 15.5 per cent.

The board of directors has declared an interim dividend of Rs 2 per equity share.