HCL posts 20% growth in Q1 net profit at ₹4,624 cr.
IT services giant HCL Technologies has reported a significant 20 percent year-on-year increase in net profit for the first quarter ending June 30, 2024. The firm's consolidated net profit reached ₹4,235 crore, compared to ₹3,534 crore in the corresponding period of the previous year.
HCL Technologies reported a 20.4 percent increase in consolidated net profit for the June quarter, driven by strong growth in its software business and improved operational efficiencies. The company's revenue from operations rose by 6.7 percent year-on-year to ₹28,057 crore, reflecting steady demand despite global macroeconomic challenges.
Earnings before interest and taxes (EBIT) margin for the quarter stood at 17.1 percent, showing resilience in the face of seasonal headwinds and higher employee costs. The company's software division was a standout performer, clocking double-digit growth and contributing significantly to the overall bottom line.
In terms of guidance, HCL maintained its revenue growth projection of 3 to 5 percent in constant currency terms for the full fiscal year 2024-25. The Board of Directors also declared an interim dividend of ₹12 per equity share for the quarter, rewarding shareholders following the robust financial performance. Source: HCL Technologies Quarterly Financial Results.
