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HCLTech Q1 Earnings: HCLTech posted 8 percent growth in net profit in the first quarter of fiscal 2024 ended on June 30, 2023. The company recorded a net profit of Rs. 3,534 crore in the first quarter of the current financial year. EBITDA margins for the quarter stood at 16.9 percent compared with 18.25 percent in the previous quarter.
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"HCLTech delivered 12.1% YoY revenue growth in this quarter, with Services growing at 12.9% YoY in INR. We have demonstrated healthy client addition with $100m clients up by 3 and $50m clients up by 6 on a YoY basis. Our EBIT margin remains stable on YoY basis. Our focus on the ROIC metric continues to move the needle; LTM ROIC end-June 2023 stands at 31.1%, up 260 bps YoY. We continue to demonstrate healthy cash conversion every quarter; Operating Cash Flow (OCF) of 7 3,970 Crores and Free Cash Flow (FCF) of 7 3,688 Crores, are 135% and 126% of Net Income (on LTM basis) respectively." said Prateek Aggarwal, Chief Financial Officer at HCLTech.
"HCLTechcontinues to be a partner of choice for global enterprises and is well placed to leverage opportunities in emerging areas such as AI and allied technologies despite the challenging global macro environment," said Roshni Nadar Malhotra, Chairperson at HCLTech.
The total headcount as of June end was 2,23,438, down by 2,506 sequentially. The company, however, added 1,597 freshers during the quarter.
"In Q1 FY 24, our revenue and people strength sequentially moderated in line with the demand environment. We delivered a 6.3%YoYgrowth in Constant Currency at company level and 7.1%YoYCC for the Services business. We experienced double-digitYoYgrowth, in our largest verticals - Financial Services, Manufacturing, and Life Sciences and Healthcare fueled by large deals. These large deals helped offset cuts in client discretionary spend in these verticals. We are expecting other verticals to pick up as well shortly. This combined with the strength of our record-high pipeline enables us to maintain our guidance for the year." said C Vijayakumar, CEO at HCLTech.
Net Profit down 11.3% At Rs 3,534 Cr Vs Rs 3,983 Cr (QoQ)
Rupee Revenue down 1.2% At Rs 26,296 Cr Vs Rs 26,606 Cr (QoQ)
EBIT down 8.2% At Rs 4,438 Cr Vs Rs 4,836 Cr (QoQ)
EBIT Margin At 16.9% Vs 18.25 (QoQ)
HCL Tech To Pay Interim Dividend Of Rs 10/Sh
IT and Business Services Revenue Up 0.1% QoQ
Engineering and R&D Services Revenue Down 5.3% QoQ
Deal Wins At $1.56 Bn Vs $2.07 Bn (QoQ)
Attrition Rate At 16.3% Vs 19.5% (QoQ)
$ Revenue At $3,200 Million
$ Revenue down 1.1%
Constant Currency Revenue Slips 1.3%
FY24 GUIDANCE
Constant Currency Revenue Growth Unchanged At 6-8%
Constant Currency Services Rev Growth Unchanged At 6.5-8.5%
EBIT Margin Guidance Unchanged At 18-19%
The company retained its guidance of 6-8 percent constant currency revenue growth for FY24, and operating margin at 18-19 percent.
India’s third largest IT services firm HCL Tech on July 12 reported 7.6 percent year-on-year (YoY) growth in net profit in the first quarter of fiscal 2024 ended in June 30. Sequentially, however, net profit was down by 11.2 percent due to ramp downs in deals and verticals like Hi-tech and telecom.
Net profit for Q1FY24 stood at Rs 3,534 crore, missing analyst estimates of Rs 3,782 crore this quarter.
Consolidated revenue for the quarter grew 12 percent YoY at Rs 26,296 crore as compared to Rs 23,464 crore in Q1FY23.
HCL Tech recorded a net profit of Rs. 3,534 crore in the first quarter of the current financial year. EBITDA margins for the quarter stood at 16.9 percent compared with 18.25 percent in the previous quarter.
HCL Technologies Ltd. closed the day's trading at a price of Rs 1108.3, a minor decrease of 0.59% from the day before.
According to recent statistics, the price of the HCL Tech stock is Rs, 1110.55. A net change of -4.15 and a percent change of -0.37 have occurred. This shows that there has been a 4.15 decline in the stock price and a decrease of 0.37 percentin the stock price.
According to the most recent data, the price of the HCL Tech stock is currentlyRs. 1112.6 with a percent change of -0.19 and a net change of -2.1. This suggests that the stock's value has slightly decreased.
HCL Tech stock is currently trading for Rs. 1113.25 as per the most recent data. A percent change of -0.13 means that the stock price has slightly decreased. The stock has declined by Rs. 1.45 due to the net change of -1.45.
