Moneycontrol Bureau HCL Tech has disappointed the street with its January-March quarter results. It posted Q3 net profit at Rs 1926 crore up 0.3 percent from Rs 1920 crore in last quarter. Rupee revenue climbed 3.4 percent at Rs 10698 crore against Rs 10341 core on sequential basis. In dollar terms, revenue was up 1.3 percent at USD 1587 million against USD 1566.1 million quarter-on-quarter.
According to a CNBC-TV18 poll, HCL Tech's net profit was expected at Rs 1963 crore, down 2.2 percent in January-March quarter. Dollar revenue was seen up 2.5 percent at USD 1604.5 million in Q3FY16 and rupee revenue was seen at Rs 10805 crore. Constant currency growth in Q3FY16 is seen at 3 percent.
In constant currency terms, revenue grew 1.7 percent (QoQ). During the period, utilisation was at 85.6 percent versus 84.7 percent (QoQ). Attrition increased to 17.3 percent against 16.7 (QoQ).Regionwise, Amercia business grew 3.7 percent, rest of the world rose 1.3 percent but Europe slipped 2.4 percent (QoQ).
Shiv Nadar, Chairman & Chief Strategy Officer says, "A new set of 21st century enterprises are emerging, posing a threat to the dominance of traditional leaders.These 21st century enterprises are experience centric, services oriented, agile, lean and ecosystem driven. The market is undergoing a tectonic shift as sales and earnings of blue chip majors are under pressure, while average life spans are declining."
For the full year, its net profit was at Rs 7354 crore up 0.7 percent while revenue jumped 14.6 percent at Rs 40913 crore. In dollar terms, revenue was up 7.1 percent at USD 6235 million. Revenue growth in constant currency stood at 11.6 percent (YoY) in FY16.It has announced dividend of Rs 6 per share.
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