HCL Tech Q4 profit jumps 23 pc to Rs 3,154 crore

IT major HCL Technologies Thursday reported 22.8 per cent jump in its consolidated net profit at Rs 3,154 crore in the January to March quarter (Q4 FY20) compared with Rs 2,568 crore in the same period of last year.Revenue for the quarter rose 16.3 per cent year-on-year to Rs 18,590 crore from Rs 15,990 crore.The sales growth in constant currency terms rose by 13.5 per cent year-on-year to 2.58 billion dollars.

IT major HCL Technologies Thursday reported 22.8 per cent jump in its consolidated net profit at Rs 3,154 crore in the January to March quarter (Q4 FY20) compared with Rs 2,568 crore in the same period of last year.

On a sequential basis, the profit was up by 3.8 per cent over Rs 3,037 crore in October to December (Q3 FY20).

Revenue for the quarter rose 16.3 per cent year-on-year to Rs 18,590 crore from Rs 15,990 crore. It was up 2.5 per cent on a sequential basis.

In dollar terms, revenue rose by 11.7 per cent year-on-year to 2.54 billion dollars in Q4 FY20 from 2.27 billion dollars from Q4 FY19. On a sequential basis, dollar sales were flat.

The sales growth in constant currency terms rose by 13.5 per cent year-on-year to 2.58 billion dollars.

"HCL's strong growth is led by our industry-leading orgc growth and acceleration of our Mode 2 and Mode 3 revenue. We delivered strong double-digit growth across all segments, geographies and verticals," it said in a statement.

During FY20, the IT major signed 53 transformative deals and 100 million dollar plus clients increased by five from 10 to 15 year-on-year.

HCL Tech's workforce now stands at 1.5 lakh and operates out of 46 countries across the globe.

The company has proposed a final dividend of Rs 2 per share on double the number of shares post 1:1 bonus issue. It is 69th consecutive quarter of the dividend pay-out.

The IT firm said it activated a COVID-19 business continuity plan at the end of January and now has 96 per cent of its employees working from home and another 2.5 per cent of its employees working from HCL or client locations.

"The world is going through a significant shift, and adaptability and innovation are the key to stay relevant," said Shiv Nadar, Chairman and Chief Strategy Officer.

"As our lives get increasingly governed by new tools and technologies, it is important to find an equilibrium and leverage the power of these solutions to bring about a positive and sustainable change."

Nadar said forward-thinking orgsations will drive this from the front while ensuring that innovations driven by them benefit both internal and external stakeholders and the larger environment and communities, especially in these times of unprecedented challenges.

C Vijayakumar, President and CEO, said: "Looking ahead, we are confident that our capabilities, our balanced portfolio, strong client relationships and our financial strength will help us navigate this crisis and emerge stronger."

( With inputs from ANI )