HCL Tech Q3 Results: Revenue Up 6.65%, Profit Beats Estimates
Revenue of India's third largest IT services firm rose 6.65% over the previous three months to Rs 28,446 crore in the quarter ended Dec. 31, 2023.
HCL Technologies Ltd. grew when its larger peers faltered in the October-December quarter, as blockbuster dealmaking over the past few months paid off.
Revenue of India's third largest IT services firm rose 6.65% over the previous three months to Rs 28,446 crore in the quarter ended Dec. 31, 2023, according to an exchange filing on Friday. That compares with the Rs 28,075.1-crore consensus estimate of analysts tracked by Bloomberg.
HCL Tech Q3 Results: Key Highlights (Consolidated, QoQ)
Revenue up 6.65% at Rs 28,446 crore (Estimate: Rs 28,075.1 crore).
EBIT up 14.7% at Rs 5,644 crore (Estimate: Rs 5,256.9 crore).
EBIT margin at 19.84% (Estimate: 18.7%).
Net profit up 13.51% at Rs 5,874 crore (Estimate: Rs 4,124.4 crore).
The FY24 revenue guidance has been revised to 5-5.5%. EBIT margin is expected to be between 18% and 19%.
New deal wins stood at $1.9 billion, with 18 large deals—including six in services and 12 in software.
"Our results this quarter have been remarkably strong," said C Vijayakumar, managing director and chief executive officer of HCL Tech. "We continue to invest in AI, specifically generative AI, as well as cloud native capabilities across our products and services to address evolving clients."
The attrition rate was at 12.8%, while total headcount stood at 2.24 lakh.
The company has announced an interim dividend of Rs 12 per share for FY24. The dividend will be paid on Jan. 21, and the record date has been set as Jan. 20.
Shares of HCL Tech rose 3.85% to Rs 1,543 apiece on Friday, even as the benchmark BSE Sensex ended the day 1.2% higher. The Nifty IT index also closed 5.3% higher.
