HCL Technologies Q4 profit surges 11% to Rs 3,983 crore

NEW DELHI: IT company HCL Technologies on Thursday posted a 10.85 per cent increase in consolidated net profit to Rs 3,983 crore in the fourth quarter of financial year ended March 2023.

The company had posted a net profit of Rs 3,599 crore in the same period a year ago. HCL Technologies’ profit, however, declined on quarter-over-quarter basis by about 3 per cent from Rs 4,096 crore - its highest ever profit in any quarter.

The company’s revenue from operations rose by about 18 per cent to Rs 26,606 crore during the reported quarter from Rs 22,597 crore in the March 2022 quarter. However, sequentially, its revenue declined marginally from Rs 26,700 it reported in the third quarter.

For the year ended March 31, 2023, HCL Technologies’ profit increased by 10 per cent to Rs 14,845 crore from Rs 13,499 crore in the same period a year ago. Its annual consolidated revenue from operations crossed Rs 1 lakh crore. The company’s annual revenue increased by 18.45 per cent to Rs 1,01,456 crore at the end of 2022-23 from Rs 85,651 crore a year ago.

“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 grown beyond 2,25,000. All these set us well in FY24 for a healthy revenue growth in the 6-8 per cent range and operating margins in 18-19 per cent range” said C Vijaykumar, CEO and MD of HCL Tech.