HCL Tech posts double-digit revenue growth in Q1; net profit falls 8%

The IT services firm posted 18.4 per cent rise YoY in its revenues at Rs 16,425 crore

IT services company HCL Technologies posted double-digit revenue growth numbers in the first quarter of this financial year, though its profit and margin came below market estimates. The Noida-headquartered firm also maintained its revenue guidance of 14-16 per cent in constant currency term and margin guidance of 18.5-19.5 per cent for this financial year, as it expects revenues flow from the IBM IP (intellectual property) deal from second quarter onwards. In its bid to improve focus on its products and platform business, the company also carved out a separate unit HCL Software and said it was currently building up sales