HCLTech Q4 results: Profit jumps 11% to Rs 3,983 crore; revenue up 18%

India's third-largest IT services firm HCLTech reported a consolidated profit of Rs 3,983 crore for the quarter ending March. This is  11 per cent higher than Rs 3,593 crore from the same quarter in 2022. The tech giant recorded a nearly 18 per cent rise in revenue from operations to Rs 26,606 crore.

During the quarter, the company's net income rose 10.8 per cent year-on-year (YoY) to Rs 3,983 crore. However, it was 2.8 per cent down as compared to the previous quarter. The EBIT, at Rs 4,836 crore, is up 18.8 per cent YoY and 7.5 per cent QoQ.

The company has also announced an interim dividend of Rs 18 per share. Ahead of the results, the company's shares closed at Rs 1,037 apiece on NSE.

On a sequential basis, the net profit fell three per cent from Rs 4,096 crore. The attrition rate of the company in the quarter stood at 19.5 per cent. In the previous quarter, the attrition rate was 21.7 per cent.

The company has fixed the revenue growth guidance for 2023-24 at 6-8 per cent. The EBIT margin in FY24 is expected to be between 18 and 19 per cent. 

The company added 4,480 new employees in the quarter, while the net addition was at 3,674. During the year, the company added 26,734 freshers to its team. The net addition, owing to layoffs, stood at 17,067. The total people count was up 8.2 per cent at 225,944.

We have delivered a stellar performance in FY23, crossing Rs 1,00,000 crore of revenue powered by industry leading services growth of 15.8 per cent in constant currency. Our net new bookings for FY23 grew 6.6 per cent.Our pipeline is near an all-time high, which reflects our differentiated business mix and strong client demand for our offerings. We have added 3,674 employees this quarter and overall employee strength has now grown beyond 225,000. All these set us well in FY24 for a healthy revenue growth in the 6-8 per cent range with Operating Margins in 18-19 per cent range", C Vijayakumar, CEO and MD of HCL Tech said.