India’s third largest IT services company HCLTech, formerly HCL Technologies, reported new deal wins worth a total contract value (TCV) of $2.38 billion in the second quarter of FY23 ended September 30, increasing by over 6 percent YoY from $2.245 billion as compared to the same quarter last year.
Sequentially, it was up by over 16 percent from $2.05 billion last quarter.
The company won more than 11 large deals, eight of which were in services while three were in products. HCLTech got a mega deal and client this quarter and added two new clients to the $100-million-plus bucket.
C Vijayakumar, CEO & MD, HCLTech said, “HCLTech has delivered yet another solid performance this quarter with revenue growing at 3.8 percent QoQ and 15.8 percent YoY in constant currency, and EBIT at 18 percent up 93 bps QoQ. Our services business grew 5.3 percent QoQ and 18.9 percent YoY in constant currency, led by strong demand for Cloud, Engineering and Digital services.”
“This is a validation of the strategic choices we made and the effectiveness of our operational framework. Our bookings and pipeline continue to be very strong, that augurs well for our future growth. These reflect our constant and continuing efforts to supercharge outcomes for all our stakeholders. Our new brand positioning of Supercharging Progress has been well received and I am confident will help us deliver on our strategic priorities,” he added.
“Our H1 growth and deal wins lead us to increase our revenue guidance to 16-17 percent for services and 13.5-14.5 percent at company level, reflective of our strong growth visibility,” Prateek Aggarwal, Chief Financial Officer, HCLTech said.
Meanwhile, the company reported its Q2FY23 earnings on October 12. Consolidated net profit for the quarter increased 7.05 percent to Rs 3,489 crore from Rs 3,259 core as compared to the same quarter last year.
Revenue from operations of the company stood at Rs 24,686 crore, clocking a 19.5 percent growth over Rs 20,655 crore last year.
(This is a developing story. Please check back for updates)
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