HCL Technologies Reports Robust Q3 FY2024 Results: Net Profit Rises 6%, Revenue Up by 6.5%, with Significant Growth in Key Segments

Before Market Opens
13 January, 2024

HCL Technologies reported its Q3 results for FY2024, showcasing a strong performance. Here are the key highlights:

1. **Net Profit**: The company’s net profit rose by 6.23% to Rs 4,351 crore, compared to Rs 4,096 crore in the same quarter the previous year

2. **Revenue**: HCL Technologies’ revenue from operations increased by 6.5% year-on-year (YoY) to Rs 28,446 crore. This growth includes the ASAP acquisition, with the company’s CC (constant currency) revenue growth anticipated to be in the range of 5.0% to 5.5% YoY.

3. **EBIT and Dividend**: EBIT (Earnings Before Interest and Taxes) for the quarter ending December 31, 2023, was Rs 5,615 crores. The company’s board declared an interim dividend of Rs 12 per equity share.

4. **Segment Growth**: The growth in industry segments was led by Financial Services (21.7%), Manufacturing (20.1%), Life Sciences & Healthcare (16.4%), Telecommunications, Media, and Publishing Entertainment (9.7%), Technology and Services (12.8%), Public Services (9.7%), and Retail CPG (9.6%). Among major markets, America grew 64.5%, Europe 29%, and the Rest of the World 6.4%.

5. **Key Deals and Strategic Focus**: HCLTech won several key deals, including with a US-based healthcare provider and a financial services organization, emphasizing their focus on AI, specifically generative AI, as well as cloud-native capabilities across their products and services.

6. **Market Performance**: HCLTech’s shares were up over 4.6% at the end of the trading session on the day the results were announced, indicating a positive response from the market. The company has also outperformed its peers in the IT sector, including rivals such as TCS and Infosys, especially in the December quarter.

7. **Attrition Rate**: The company reported an attrition rate of 12.8%.

These results reflect HCL Technologies’ robust growth and strategic advancements in key areas, particularly in AI and cloud services, as well as their strong performance in various industry segments and geographical markets.

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India 2024
9 February, 2024

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