HCL Tech net profit rises by 19% in Q3
The revenue growth of HCL Tech in the third quarter was 19.6% and it expects to sustain this momentum in the medium term.
IT services giant HCL Tech IT has reported a 19% rise in net profit for the third quarter of FY23.
The net profit of HCL Technologies at the end of the third quarter of FY23 stood at Rs 4,096 crore as compared to Rs 3,442 crore in a year ago period.
The company reported a revenue of Rs 26,700 crore for the third quarter which was a 19.6% annual growth. The new deal wins in terms of total contract value for the quarter stood at $2.3 billion, which was a 10% rise.
"We have delivered a strong performance this quarter across all key metrics–revenue growth, margin expansion, booking growth and people metrics," said HCL Technologies CEO C Vijaykumar.
The Board of Directors declared an interim dividend of Rs 10 per equity share of Rs 2 for FY23.
HCL Tech reported a net margin of 15.3% and EBIT margin of 19.6% for the quarter. The share price of the company ended at Rs 1072.50 on NSE on Thursday with a gain of 1.6%.
“During the quarter, we crossed important milestones of Rs 5,000 crore and Rs 4,000 crore for EBIT and PAT respectively for the very first time. Profitability was at all-time high with EBIT at Rs 5,228 crore (up 22.8% YoY),” said HCL Tech CFO Prateek Aggarwal.
The employee headcount of HCL Tech at the end of the quarter stood at 222,270, a net addition of 2,945 employees. The attrition rate at the end of the quarter was 21.7%.
and our passionate people.”
Edited by Affirunisa Kankudti