HCL Technologies on Friday reported strong earnings for the December quarter. The net profit of the company jumped 31 percent to Rs 3,982 crore as compared to the same quarter of the previous year.
The revenue of the company stood at Rs 19,302 crore rising by 6.4 percent on YoY basis. The revenues rose 2.9 percent YoY and 4.4 percent QoQ to USD 2.62 billion in dollar terms, whereas in constant currency terms it was up by 1.1 percent YoY and 3.5 percent sequentially.
Vijayakumar, President and CEO at HCL Technologies, said that the growth is mainly due to a robust momentum in Mode 2 and Mode 3 businesses led by digital, cloud and products and platform segments.
Commenting on the quarterly results, Shiv Nadar, Chief Strategy Officer, HCL Technologies Ltd, said that the technology sector is in the midst of a massive digitization wave, with more global enterprises embracing digital transformation to address the disruption of these unprecedented times.
He added that it is important to draw inspiration from others and offer back our own to create a positive impact as we are standing at the cusp of the next phase of technological innovation.
The company’s shares were trading at 1,018.05, down by 9.70 points or 0.94 percent at 10:58 am on BSE. Similarly at the NSE, it was down by 10.70 points or 1.04 percent at 1,017.00.
Other details from the results:
Net Income of the company stood at USD 540 million with the net income margin at 20.6 percent and was up by 27.3 percent on a QoQ basis whereas up by 26.5 percent YoY.
EBIT margin of the company stood at 22.9 percent and is expected to be between 21.0 percent and 21.5 percent for FY’21.
In constant currency for Q4, FY’21, including DWS contribution, the revenue of the company is expected to grow QoQ between 2 percent to 3 percent.