HCL Technologies reported a consolidated net profit of ₹3,283 crore for the first quarter ended June, up 2.4 per cent year-on-year (y-o-y) compared to ₹3,205 crore in the corresponding period last year. The consolidated revenue grew 17 per cent y-o-y to ₹23,464 crore in the quarter as against ₹20,068 crore in the year-ago period.

In its FY23 guidance, the company said revenue is expected to grow between 12 per cent and 14 per cent in constant currency terms. The Board of Directors also declared an interim dividend of ₹10 per equity share of ₹2 each for the FY23.

Growth strategy

“As technology becomes central to lives and businesses, HCL is accelerating the digital transformation journeys of its clients. We continue to pursue our growth strategy with a sense of purpose and responsibility toward our stakeholders and communities,” Roshni Nadar Malhotra, Chairperson, HCL Tech, said in a statement.

As of June 30, the company has a headcount of 2,10,966 people as against 1,76,499 employees in the same period last year. “We have started FY23 on a strong note with an overall growth of 2.7 per cent q-o-q and 15.6 per cent y-o-y in constant currency. Our services business continues to have robust growth momentum, growing at 2.3 per cent q-o-q and 19 per cent y-o-y in constant currency, driven by digital engineering and digital application services with cloud adoption being a horizontal theme across all services and verticals,” C Vijayakumar, Chief Executive Officer and Managing Director, HCL Tech, said.

Deal wins

New bookings grew more than 23 per cent y-o-y supported by a good mix of large and mid sized deals and our pipeline remains near record high. “We have put in place the right measures that will improve our profitability going forward,” he added.

During the quarter, the company won 17 deals of $100 million-plus each, 42 deals in $50 million-plus, 127 deals of $20 million-plus and 218 deals of $10 million-plus each, the company mentioned. Shares of HCL Tech had closed at ₹928.05 apiece at the BSE on Tuesday, down 1.63 per cent, ahead of the results announcement.

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